By Dom Welling.
St John's International Airport contributes $400 million in gross domestic product (GDP) and income into the economy, as well as more than $80 million in tax revenue.
According to a recently completed Economic Impact Study (EIS) conducted on behalf of St. John's International Airport Authority by Strategic Concepts and local economist Dr. Wade Locke, the airport authority and its 55 operating partners also generate 7,700 person-years of employment for the surrounding Newfoundland and Labrador region.
Meanwhile, the airport has also revealed that it is in the process of preparing an Request For Proposal (RFP), to develop 300 acres of light industrial property around the airport.
The proposals have been based on an internal land development report carried out by BNP technology, however the Airport Authority is still determining what sort of specific developments will occupy the land.
St. John's International Airport is one of the province's largest employers, with more than 1,500 people directly employed by the Airport Authority and its 55 operating partners.
Each year, almost 6,000 'person years' of employment are generated within the province of Newfoundland and Labrador as a result of the operations that take place at St. John's International Airport.
These operations also generate $21 million in tax revenue to the local government and $3 million to Municipal governments located on the Avalon peninsula.
Furthermore, since 1998 the Authority has invested $140 million on airport improvements including rebuilding the terminal building, upgrades to the airfield, and a number of passenger service improvements.
These improvements alone have created 3,155 person years of employment and generated combined government revenues of more than $30 million.
St John's International has also recently announced a $150 million capital program for the next 10 years that involves a number of infrastructure projects designed to increase the accessibility of the airport and expand the facilities to accommodate the forecasted demand of 1.9 million passengers by the year 2020.
Dr. Wade Locke, author of the study, said: "It is reasonable to argue that without the well developed and efficient airport in St. John's, the transformation in economic activity now overtaking the province would not be possible."
