GANDER AIRPORT A SIGNIFICANT ENGINE
Economic Impact Study Measures Airport's Output
(Nov. 12, 2014) The Gander International Airport Authority (GIAA) today released findings of an economic impact study undertaken by InterVISTAS Consulting Inc. The study measured employment and spending related to the airport as it pertains to jobs, wages and economic output.
• Direct impacts included 1,260 full-time jobs, $90 million in wages, $140 million in gross domestic product (GDP) and $240 million in economic impact.
• The study also considers indirect and induced impacts, which include downstream industries such as suppliers and contractors, as well as employment generated by employee spending. Total economic impacts were 1,940 full time jobs, $210 million in GDP and $360 million in economic output.
• Employment related to airport activity has grown 10% over the last eight years, with most gains in the airport support and airline services sectors.
• Average earnings per person year of employment have increased from $61,000 to $70,000 over that time, almost 35% higher than the median income for all employment in Gander.
• 95% of jobs directly related to airport activity are full-time positions.
• 20% of the total labour force in the Town of Gander can be attributed to direct airport activity.
• YQX is also an important generator of taxation revenues to all levels of government. Total taxes paid on an annual basis, by passengers, employers, and employees at YQX, are estimated at $46 million per year, including $27 million to the federal government and $19 million to the provincial government.
“Gander International Airport is more than a valued part of the transportation network – it is a formidable economic engine,” stated Reg Wright, GIAA President and CEO. “It is also assuring to see growth in airport and aviation-related employment over the last decade, which has held its share of turbulence. This growth is reflective of the general state of affairs in our region; airports are seismographs for the economy and every up and down motion or fiscal tremor is generally reflected at the airport.”
The airport is a source of stable, year-round employment for the region, a major tax contributor and a catalyst that creates great benefit in the economy, Mr. Wright stated.
“We often think of an airport as simply a place to move people and goods across vast distances. It is easy to overlook the benefit it creates in the form of jobs and spending. The report certainly validates the substantial contribution Gander International Airport makes as an economic hub for Central Newfoundland.”
The full economic impact report can be found here.
For further information, contact:
Reg Wright, President and CEO
Phone: (709) 256-6668 Email: [email protected]