FAYETTEVILLE, Ark. (KNWA/KFTA) — The Fayetteville Executive Airport at Drake Field has 94 available T-hangar spaces and 101 requests on the wait list for spots to park a plane.

These availability issues are having some ripple effects on Northwest Arkansas’ economy.

“Airports are really great economic generators,” said Jared Rabren, airport director at Drake Field. “A lot of business takes place around airports. Any of your large-scale investments or any of your large-scale projects. They’re in and out of this airport.”

Between 2,500 and 3,000 flights take off and land from the Drake Field facility each month. Rabren says the airport mainly serves business executives but a good portion of their traffic is from the University of Arkansas.

He adds that the Fayetteville Executive Airport is important for the general population because some of the commercial pilots for passenger planes at Northwest Arkansas National Airport complete their training at Drake Field.

Hangar expansion plans are currently in the works for Drake Field.

Rabren said it costs between $500,000 and $1 million to build a hangar with it taking 20-30 years to pay it off. He said the airport funds itself off airline fuel sales taxes.

It can take up to three years from the time of an initial proposal to the completion of building a hangar, Rabren said.