Economic Impact: Minot talks money

  • Published
  • By Senior Airman Kristoffer Kaubisch
  • Minot Air Force Base Public Affairs
MINOT, N.D. --  Lt. Col. Jorge Jimenez, 5th Comptroller Squadron commander, reported Minot Air Force Base's annual economic impact to members of the Minot Area Chamber of Commerce Military Affairs Committee during a monthly meeting in Minot, Feb. 6, 2014.

Minot AFB had a record impact of nearly $584 million on the area economy in Fiscal Year 2013. This is the bases highest economic impact to date. In FY 2012, Minot AFB had an impact of $522 million, an increase of more than $61 million.

"When you look at our multi-year economic impact, the overall trend for the past five years has been upwards in actual dollars with an 18.8 percent increase since 2009," said Jimenez.

The economic data is based on regulation from the Air Force, and is current as of Sept. 30. The total economic impact was calculated from summing together expenses such as the annual payroll of the base, worth $363.2 million, annual expenditures for construction, services, and materials, costing $127 million, and the value of indirect jobs created, $93.7 million, said Jimenez.

"We spend money, in the local community, to keep Minot AFB running in different areas," said Jimenez. "The commissary and the exchange spent over $3.3 million in the local area, while medical claims paid to local medical facilities through the TRICARE system, total over $17.4 million."

The education impact paid to local area schools was also very significant, accounting for $8.5 million, said Jimenez. This accounts for the off-base education for many of the young Airmen of Minot AFB.

"In addition to the numbers that were already presented, not included in the actual numbers because regulations don't allow it, Minot can also account for the retirees in the community in Minot," said Jimenez. "The retirees roughly count for two percent of the population. When that is accounted times the amount of retiree pay they get, that is almost $30 million which has a significant impact on the economy as well."

Within the past fiscal year, there has been increased spending in annual payroll, expenditures, local, and retiree payrolls.

"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 2014 and beyond," stated Jimenez.