Thu, Dec 08, 2016
Local Community Benefits To The Tune Of Some $2 Billion
A newly released report, commissioned by the Los Angeles World Airports and conducted by Los Angeles County Economic Development Corporation (LAEDC), concludes the Van Nuys Airport (KVNY) contributes two billion dollars to the local economy and supports more than 10,000 jobs.
NATA President Martin H. Hiller praised the report stating, “Studies like these are invaluable in NATA’s efforts to demonstrate to policymakers at the local, state and federal levels the positive impact of general aviation on communities. The Van Nuys Airport study clearly validates the important role of our members in creating and sustaining jobs, growing the economy, connecting the community and supporting commerce.”
Van Nuys Airport tenants are in the midst of capital improvement projects valued at $43.4 million. On average, every million dollars spent on capital improvement projects at VNY will have an economic impact of 10 jobs, $582.8 thousand in labor income, $1.7 million in business revenue and $70.3 thousand in state and local taxes.
“Since the last VNY Economic Impact Study was conducted nearly a decade ago, airport master tenants weathered one of the most severe economic downturns in the history of private aviation," said Curt Castagna, C.M., president of the Van Nuys Airport Association and NATA Board Member. "By working collaboratively with all stakeholders, including airport staff, community members, local businesses and public officials, major VNY tenants have played a vital role in maintaining VNY as the leading major economic engine in the regional economy. The Economic Impact Study is a success story about how airport businesses, many who are competitors on the airfield, can join together on issues that rise above individual tenant concerns to create positive change, jobs and economic growth.”
(Source: NATA news release. Image from file)
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