A new report released today by the Los Angeles County Economic Development Corporation (LAEDC) reaffirms that Van Nuys Airport (VNY) continues to be a major economic engine for the San Fernando Valley and the greater Los Angeles area. The latest study finds that VNY contributed more than $2 billion in business activity to the L.A. county economy in fiscal year 2015.
The study confirms the airport’s economic impacts include:
$674.6 million in labor income
$2.0 billion in business revenues
$295.3 million in local, state and federal tax revenues
Van Nuys Airport will be spending $63.9 million on Airport Capital Improvement Projects (ACIP) and non-ACIP projects through 2022 to meet future aviation needs in Southern California. The study estimates that the economic impacts of capital improvement projects include:
$37.2 million in labor income
$107.5 million in business revenues
$13.0 million in local, state and federal tax revenues
Investments by airport tenants in facilities at VNY are also resulting in positive returns. The study estimates that for every $1 million spent on capital improvement projects, there will be positive economic impacts of $583,000 in labor income, a total of $1,682,300 in business revenue and a total of local state and federal taxes of $202,700.
“Our airport is a valuable infrastructure asset that provides business growth, job creation and economic vitality for both the Valley and the entire region,” said Los Angeles City Councilwoman Nury Martinez. “With the airport’s nearly 90-year legacy of economic contributions and serving as a good neighbor, I am pleased to see my district and constituents continue to reap tangible benefits.”
“VNY plays a critical role in Southern California by providing good paying jobs and generating business revenues that benefit our neighboring communities,” said Los Angeles World Airports Commissioner Jeffery J. Daar. “As Los Angeles’ No. 1 business airport and a world-class general aviation facility, we are proud of VNY’s significant positive contributions to our region.”
“We take our responsibility as long term stewards of this critical community asset very seriously,” said Los Angeles World Airports CEO Deborah Flint. “The LAEDC’s findings reinforces LAWA’s commitment to safely and securely bring people together, connect L.A. with a global society – while enriching the quality of life for individual travelers, the community and the region.”
In 2015, VNY had approximately 217,000 operations, which generated operating revenue of nearly $16.9 million, including building and land rentals. The study estimated that approximately 32,000 visitors arrived in Los Angeles County through the airport with an economic impact of $9.1 million and supported 90 jobs with a labor income of $3.7 million.