Los Angeles International Airport helped pump $39.7 billion into the Southern California economy last year, and that number is expected to grow in the next few years as the airport expands, according to a new report.
The report by the Los Angeles County Economic Development Corp. 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.
The operations added an estimated $2.5 billion in taxes to city, county and state coffers, according to the report for Los Angeles World Airports, the operator of LAX.
"This comprehensive report underscores the irrefutable importance of commercial aviation activity at LAX, and indeed throughout the Southern California region, on our economic well-being," Los Angeles Mayor Antonio Villaraigosa said in a statement. "From passenger spending to the enhancement of national and international trade, LAX and our region's other airports are uniquely where the action is."
In 2011, 265,000 flights from all over the world landed at LAX, generating the employment and revenue streams for 25,540 people in all job sectors within the airport's property. The transportation and warehouse sector — including airline staff and freight handling — make up the bulk of the employment, with 16,809 workers. City, county and federal entities provide jobs for 4,225 people there.
With its ongoing renovation and construction, LAX had a monetary effect of nearly $2 billion in the Southern California region last year, with $850 million of capital improvement spending and $690 million in labor income, the report estimated.
"In total, these projects represent significant infrastructure improvements for the region," the report said.
The capital improvement projects by the Los Angeles World Airports could result in $590 million in tax revenue in Southern California, the study found.