A new report released by the Los Angeles County Economic Development Corporation (LAEDC) has revealed that Van Nuys Airport in Los Angeles, California, continues to be a major economic engine for the San Fernando Valley and the greater Los Angeles area.
The latest study finds that the airport contributed more than US$2bn in business activity to the LA county economy in fiscal year 2015.
As one of the world’s busiest general aviation airports, Van Nuys catered for 217,000 operations in 2015. The airport has plans to invest further in its facilities to improve service levels. Van Nuys will be spending US$63.9m 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: 670 jobs; US$37.2m in labor income; US$107.5m in business revenues; and US$13m in local, state and federal tax revenues.
Investments by airport tenants in airport facilities are also leading to positive returns. The study estimates that for every US$1m spent on capital improvement projects, there will be positive economic impacts of US$583,000 in labor income, a total of US$1,682,300 in business revenue and a total of local state and federal taxes of US$202,700.
“Van Nuys 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’s number one business airport and a world-class general aviation facility, we are proud of VNY’s significant positive contributions to our region.”