Servicemen and women at the Minot Air Force Base are more than good neighbors, they also contribute more than a half billion dollars to our local economy.
— Official News Release, Minot Air Force Base —
MINOT AIR FORCE BASE, N.D. — Lt. Col. Raymond Castro, 5th Comptroller Squadron commander, met with members of the Minot Area Chamber of Commerce Military Affairs Committee in Minot, Feb. 5, 2015 during a monthly meeting to report Minot Air Force Base’s annual economic impact.
The base contributed nearly $578 million to the area’s economy in fiscal year 2014. In FY 2013, Minot AFB had an impact of $584 million, a slight decrease of approximately $6 million.
The economic data is calculated on regulations from the Air Force, and is current as of Sept. 30, 2014. The total economic impact was calculated by combining expenses: the annual payroll of the base, worth $309.6 million; annual expenditures for construction, services, and materials, costing $73 million; and the value of indirect jobs created, $96 million, said Castro.
“We spend money in the local community to keep Minot AFB running in different areas,” Castro said. “The commissary and the exchange spent over $3.6 million in the local area, while medical claims paid to local medical facilities through the TRICARE system, total over $18 million.”
The amount paid to local schools was also significant, accounting for almost $8.5 million, Castro said. This accounts for off-base education for many of the young Airmen from Minot AFB.
In addition to the numbers that were already presented, Minot can also account for the retirees in the Minot community. The retirees roughly count for 2 percent of the population.
When that is considered, times the amount of retiree pay they get, that is almost $30 million which has a significant impact on the economy as well, Castro said.
Within the past fiscal year, there has been decreased spending in the annual payroll, expenditures, local and retiree payrolls.
“Although there has been a decrease in spending due to sequestration and construction projects being completed the previous fiscal year, our numbers are still higher than FY 2011,” Castro said. “It is fairly safe to say that Minot AFB will continue to have a positive impact on the economy and the local community, through FY 2015 and beyond.”
Image: Snow whips past the B-52H Stratofortress static display on Minot Air Force Base, N.D., Nov. 25, 2014. The base, which is known for its austere weather conditions, is home to both the 5th Bomb Wing and 91st Missile Wing which support a strategic deterrence mission, operating and maintaining both B-52H Stratofortress bombers and Minuteman III intercontinental ballistic missiles. (U.S. Air Force photo/Senior Airman Stephanie Morris)