AAM would create nearly 26,000 jobs, $152 million in annual tax revenue for New Jersey over 15 years
Advanced Air Mobility, an emerging new aviation technology that will revolutionize short-distance air transportation by using electrically powered, vertical-take-off-and-landing aircraft (eVTOL), offers the Atlantic County region a significant opportunity to build and strengthen New Jersey’s research and development capabilities according to a study by Deloitte Consulting, LLP. The study, A Strategic Roadmap for the Development of Advanced Air Mobility, was commissioned by the National Aerospace Research & Technology Park (NARTP) in Egg Harbor Township, NJ. According to Deloitte, the growing AAM sector is projected to create more than 25,000 jobs and $152 million in annual state tax revenue for New Jersey over the next 15 years.
AAM offers the potential for safe, sustainable, affordable, and accessible mobility for both passengers and cargo. It integrates air travel as part of day-to-day transportation, whether through delivery of goods or transportation of passengers in air taxis within cities and throughout regions. AAM aircraft are designed to be quieter than current aircraft and run on electric or hybrid-electric power, offering a “green” alternative to traditional transportation methods, and reducing the impact of noise pollution and emissions on the environment.
“AAM gives us a once-in-a-generation economic development opportunity with statewide benefits that starts here in Atlantic County,” said NARTP President/CEO, Howard J. Kyle. “It will create technology-based jobs and will help to attract aviation-related companies. With the Strategic Roadmap that Deloitte prepared, we have outlined a clear path toward making a major contribution in the advancement of this new industry. Other states are beginning to recognize the economic potential of AAM, so it is important that we capitalize on our unique assets and move quickly.”
The Deloitte study finds that New Jersey’s proximity to New York and Philadelphia, makes it “an economically viable location for the early adoption of AAM.” The report also notes the “unique combination of aviation assets and accelerators” located within the New Jersey Aviation Innovation Hub in Atlantic County as additional factors that position the Garden State to become a leader in the U.S. AAM market. The NJ Aviation Innovation Hub is home to the FAA William J. Hughes Technical Center, a designated Smart Airport Test Bed Facility at Atlantic City International Airport, and the 58-acre NARTP.
“We’ve known for some time that the aviation sector in Atlantic County is ripe for investment, growth, and innovation, and represents a key factor in the diversification of the southern New Jersey economy,” said NARTP Chairman Mark Loeben. “This strategy guide now gives the NARTP more leverage, tools, and direction to implement a multi-phased approach to enabling AAM in New Jersey. This is just one of the numerous aviation-related opportunities we are pursuing at the NARTP, and it is certainly one of the most exciting.”
Deloitte notes that, “New Jersey and Atlantic County have an opportunity to develop and grow the emerging AAM market through the advancement of R&D and operational capabilities for commercial passenger and cargo operations.” Private AAM companies will be recruited as tenants of the NARTP where they will work alongside the FAA and NASA to nurture and develop AAM capabilities while developing the required physical and regulatory infrastructure for the industry to grow and thrive.
Deloitte has conducted several studies regarding AAM and is recognized as an expert in this area. Deloitte’s Emerging Infrastructure Technology Services group has helped state, federal, and commercial clients define their AAM strategies and roadmaps based on their unique opportunities, challenges, and needs. Deloitte combines innovative and world-class capabilities to assess the impacts, benefits and opportunities resulting from emerging technology ecosystems.
Deloitte’s research indicates that U.S. aerospace and defense companies are poised to lead the nascent global industry, which is predicted to become mainstream in the 2030s. Deloitte considers AAM to be “the next inflection point in the aerospace industry’s ongoing evolution,” and is estimated to reach $115 billion annually by 2035, employing more than 280,000 workers in high-paying jobs.
The NARTP’s Strategic Roadmap for AAM is available for download at www.nartp.com/aam.
The NARTP is catalyzing innovation with an ecosystem of partnerships and harnessing the power of collaboration, facilitating research and development, innovation, and commercialization of emerging aviation technologies. NARTP is located on a 58-acre parcel adjoining the Federal Aviation Administration William J. Hughes Technical Center (WJHTC), an internationally recognized facility dedicated to research, development, and sustainment of the National Airspace System; and the Atlantic City International Airport (ACY), a designated Smart Airport Research Test Bed Facility. NARTP tenants are performing leading research in Unmanned Aerial Systems and Advanced Air Mobility, focusing on the safety implications of nascent UAS operational concepts, their testing and certification, as well as the emerging technologies needed to support the development of new regulatory standards.