As Panama City Beach prepares for a new airport slated to be taking in flights by this time next year, many question how the airport is really going to benefit their businesses. Well, here is your answer…actually, five of them.
1. More People = More Money
This is the easiest reason. Obviously, with the completion of the new airport, Panama City Beach will be able to reach new markets it could not before. In addition to opening direct travel channels that previously did not exist, current feeder markets will be more encouraged to fly into Panama City Beach because of the significantly cheaper rates than PFN. The lure of the one-hour flight will just be too much for markets like Atlanta and Birmingham exposing Panama City Beach to the “disposable income” demographic. Panama City Beach will see a significant increase in the amount of travelers, in turn, an increase in revenue for just about everyone.
2. Real Estate Value
Panama City Beach has already seen considerable growth in developments over the last 5 years. The new airport is expected to both accelerate that growth as well as open the gates to investors. There have been all sorts of theories on whether PCB will see a “boom” in real estate growth or a “gradual incline” but regardless, businesses will benefit. Investors will be attracted by the new airport’s effect on Panama City Beach inexorably boosting economic return on private capital. When the overall value increases so too will things like, say…I dunno…room rates? Cha-Ching.
3. Re-Introduction, “Hello, New York, My Name Is…”
The new airport presents a unique opportunity very difficult to come by for any tourist destination. Panama City Beach has been labeled as the “Redneck Riviera” and most people who’ve visited the city have visited it previously and are knowledgeable about the resorts and hotels and attractions. The effect the new airport will have on the destination’s ability to re-invent itself will be invaluable. Equally, every accommodation and attraction throughout the beach will be presented the same opportunity. You get to retell your story however you like. If you haven’t started getting ready for advertising and marketing, now is the time, because you’ll get one shot to show a new group of people that you’re worth spending money.
4. Opportunity For A New Season
This hasn’t been talked about much, but should be considered. Panama City Beach’s biggest encumbrance is its seasonal activity. All over the beach establishments close for three months or more out of the year to accommodate the severe lag in business. With the new airport completed coupled with TDC/CVB efforts to create off-season tourist-attracting events, what used to be a seasonal-lag may become a goldmine. Imagine if the business you do during peak season continues at nearly the same rate all the way to December? With the ability to create flight package deals, this may be the next step in PCB evolution.
5. Morale – The Domino Effect
Initially, this doesn’t seem like a big deal, but consider the overall economic impact the new airport will have on the beach. More jobs, more money and better pay makes for happy people. What we’ve seen over the last few years, the increase in the developments, the CRA projects and now the negotiations in adopting form-based design regulations are direct results of the new airport. What you will have in the coming years is a more beautiful and happier city than ever before. I don’t know about you, but that may be the most valuable consequence of all.
These are our 5, do you have more?Print Story