A new report by the Los Angeles County Economic Development Corporation has found that Los Angeles International Airport helped pump US$39.7 billion into the Southern Californian economy last year. This number is expected to grow further as the facility expands as a result of the airport’s capital improvement projects.
According to the Los Angeles Times, the report found that LAX’s operations in 2011 supported more than 294,000 jobs and pumped billions of dollars from new construction and airport payrolls, nearby LAX-related businesses and tourist spending into Los Angeles, Orange, Ventura, Riverside and San Bernardino counties.
In a statement, Los Angeles Mayor, Antonio Villaraigosa said, “This comprehensive report underscores the irrefutable importance of commercial aviation activity at LAX, and indeed through the Southern California region, on our economic wellbeing. From passenger spending to the enhancement of national and international trade, LAX and our region’s other airports are uniquely where the action is.”
The study also found that the capital improvement projects, including the new Bradley West world-class terminal due to open by the end of 2013, by Los Angeles World Airports could result in US$590 million in tax revenue in Southern California.