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What is Value Added

Chapter 5
Challenges and Opportunities for Transportation Services in the Post-COVID-19 Era
Equivalent to gross domestic product. It is the total income generated from production measured as the difference between an industry’s total output minus the costs of its intermediate inputs.
Published in Chapter:
The Economic Impact of COVID-19 in the Air Transportation Industry: Estimates From a Regional Input-Output Model
Rafael Perez (University of Texas at El Paso, USA) and Ana Cecilia Camargo (Erasmus University, Rotterdam, The Netherlands)
Copyright: © 2022 |Pages: 16
DOI: 10.4018/978-1-7998-8840-6.ch005
Abstract
Public policy design plays a significant role in alleviating the economic effects caused by this pandemic in local economies across the globe. This chapter suggests the use of input-output analysis (IO) to provide guidelines to stakeholders and policy makers in the air transportation sector to address economic concerns during the pandemic and in the post-pandemic era. IO is helpful in estimating the economic effects of COVID-19 pandemic in the air transportation sector and allows to estimate its impact on other economic sectors in a local economy. Output, value added, employment, and personal income are the variables estimated through IO. The chapter applies IO technique to evaluate the economic impact of COVID-19 on the air transportation sector in Austin, Texas. Impact estimates suggest a total loss of $1.02 billion USD in Austin MSA's economy in 2020; the number of jobs lost are estimated at 3.87 thousand and the total loss in personal income at $229.97 million USD in Austin MSA in 2020. Lastly, the value-added loss in Austin MSA is estimated at $514.20 USD in 2020.
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