NARTP to launch and develop advanced air mobility industry in N.J.; project could create more than 25,000 jobs

AAM would create $152M in annual tax revenue for N.J. over 15 years

The board of the National Aerospace Research & Technology Park in Egg Harbor Township is developing an emerging new aviation technology that will revolutionize short-distance air transportation by using electrically powered, vertical-take-off-and-landing aircraft, or eVTOL, — and work to channel advanced air mobility research & development and employment opportunities in Atlantic County.

According to a study with Deloitte Consulting — “A Strategic Roadmap for the Development of Advanced Air Mobility” — 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,” NARTP CEO and President Howard Kyle said. “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.

“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,” NARTP Chairman Mark Loeben stated. “This strategy guide now gives the NARTP more leverage, tools and direction to implement a multiphased 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’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.

A copy of the NARTP’s Strategic Roadmap for AAM is available for download here.