Dr. Anne Macy and Dr. Nick Gerlich, of the Engler College of Business faculty, recently conducted an economic impact study concerning the expansion of an airport in Belize, and the development of hotels, residences, and tourist activities. International Riversdale Airport (RIA) would undergo extensive renovation and expansion to accommodate both personal and commercial jets, as well as serve as a refueling hub for non-passenger flights. The airport and related resort acreage is located along a narrow peninsula separating the Caribbean from the mainland.
The project is being spearheaded by Dyke Rogers, one of WT’s major benefactors, and head of Belize Investment Group. Rogers seeks to extend the so-called Mexican Riviera south and west from popular destinations along the Yucatan Peninsula into this tiny Central American nation. The faculty duo were able to demonstrate an economic stimulus in the hundreds of millions of dollars will be felt in the next decade as a result of this development. This includes the price of materials used in construction of hotels and houses, labor, revenues from rentals, dining, retail, and tourist activities, and taxes.
As is common in economic impact studies, the duo calculated possible outcomes under different scenarios, from most optimistic to pessimistic, and applied conservative multipliers to estimate the ripple-through effects across the Belizean economy. Direct, indirect, and induced economic benefits were isolated and calculated.
“I need to be able to show to the public and the government of Belize the impact this project will have on the entire area and nation. I hope to gain their support in completing the project,” Rogers says.
Rogers was unabashed in his request for assistance from WT and the College of Business. “I believe that West Texas A&M has as good of a business program as there is in the country. I went to WT because I felt it could be the best chance of getting it done, in a timely manner, and I could have faith in the results,” he adds.
In order to conduct this analysis, Macy and Gerlich looked closely at similar airport development projects in Tulum Mexico, Liberia Costa Rica, and in the Dominican Republic. These served as relevant basis points from which to help forecast job creation, one of the key economic drivers highlighted in their report.
Rogers is optimistic the report will be successful in gaining local support. While he has already discussed the final conclusions Macy and Gerlich reached, a full presentation of the report will happen in the near future.