ST. LOUIS — A new study released Monday by Greater St. Louis, Inc. predicts the potential for as much as $32.4 billion in economic impacts by the year 2032 brought to the region by an overhaul at Lambert and Boeing’s nearby expansion.
The study, commissioned by Greater St. Louis, Inc. and conducted by Kimley-Horn and Associates, predicts a roughly $5 billion increase over its current economic impact if a planned project that would create a single new terminal among other airport campus upgrades and if Boeing lands new military contracts for work that would be done adjacent to the airport property.
FAA review
The Federal Aviation Administration approved the St. Louis Lambert International Airport Master Plan last May, which called for consolidating the two existing terminals into a single new terminal, a new parking garage and road improvements.
The proposal is now under an environmental review before it can move forward to a design and construction phase. That review could be completed by September.
Costs
In October, Lambert officials announced a deal with airlines for $331 million to cover some of the infrastructure costs for work they have previously said would be necessary regardless of whether the new terminal concept got off the ground.
The overall project would come in at roughly $3.2 billion and could be paid for with a number of sources, including the airlines, federal grants, passenger fees and airport general revenue funds, officials told Airport Improvement Magazine.
Rhonda Hamm-Niebruegge, the Executive Director of St. Louis-Lambert International Airport told the St. Louis Business Journal in November that she hoped an agreement with the airlines could be struck this summer.
“Momentum is building in St. Louis. We are once again attracting businesses and are growing key industry sectors. However, the metro areas with which we are competing have made game-changing investments in their airports and upgraded the passenger experience,” said John Tracy, Executive Chairman of Dot Family Holdings in a statement released by Greater St. Louis, Inc. “Transforming our airport with a world-class terminal is one of the most important steps we can take to keep our momentum going and outpace the competition in the hunt for jobs and investment,” he added.
Greater St. Louis, Inc. claims “80% of similarly sized metros have recently built or are currently building or planning major airport and terminal construction projects,” pointing to competitors in Kansas City, Cleveland, Columbus, Indianapolis Nashville and Pittsburgh.
Boeing
The aerospace firm won $155 million in St. Louis County tax breaks last fall to move forward with a $2 billion expansion on property adjacent to the airport, which the company has said was key to being able to compete for future military contracts. A ten-year agreement on taxes includes a promise of creating 500 jobs and retaining a total of 12,100 jobs regionally.