EIA’s economic output reaches record $2.2 billion
May 07, 2015 | General
May 7, 2015 (Edmonton, AB) – Edmonton International Airport (EIA) released its 2014 Economic Impact Study1, showing significant increases in employment, passenger traffic, gross domestic product (GDP) and overall economic output.
Recording its busiest year yet in 2014, EIA strengthened its place as a key economic driver for the Edmonton region, contributing to both local employment and the provincial economy. The study also outlines how its aviation business, commercial activities and operations have worked together to bolster growth for regional businesses and industrial sectors.
“This study exemplifies EIA’s commitment to Edmonton’s economy. We are creating jobs, generating economic development and building partnerships that will benefit the greater Edmonton area, and the entire province for years to come,” said Tom Ruth, President and CEO of Edmonton International Airport.
The study reaffirms EIA’s place as Canada’s 5th busiest airport and the fastest-growing major airport in Canada over the past decade.
Highlights of 2014 Economic Impact Study
Growth between 2008 – 2014
Total Employment due to EIA operations increased by approximately 40 per cent, accounting for 12,600 person years2 annually of employment
Commercial Passengers travelling through EIA increased by approximately 14.5 per cent, representing a total of 7.3 million commercial passengers and 900,000 general aviation passengers in 2014 combined for a record 8.2 million total passengers3.
Total GDP4 increased by 47 per cent, supporting nearly $1.2 billion in total GDP.
Economic Output5 increased by 43 per cent, with an impact of over $2.2 billion into the regional economy
“EIA’s growth can be attributed to many things, namely the growth we have seen in our commercial and general aviation passenger numbers, cargo village, the addition of onsite companies, concessions and retail options and of course the success of our on-site parking options,” said Myron Keehn, EIA Vice President of Commercial Development. “As EIA expands, it is clear that our growth is interconnected with growth in the region.”
1 The Economic Impact Study of Employment at EIA was produced by InterVISTAS and LPS conducted the study on EIA’s economic impact on tourism and trade and studied the potential impact of new flights
2 A “person year” of employment is equivalent to one full-time job for an entire year.
3 The total 8.2 million passengers includes commercial, business and general aviation passengers. Business and general aviation includes non-scheduled air service such as corporate or private flights.
4 Gross Domestic Product is a measure of the money value of final goods and services produced. This measure does not include the value of intermediate goods and services used up to produce the final goods and services.
5 Economic Output is the dollar value of output produced as well as the value of the entire supply chain and spending required to produce the final goods and services.
New Flights, More Impact
Adding new connections to EIA’s current 60 non-stop destinations will provide easier access to the world, while supporting local employment, Alberta tourism and overall economic output. EIA is also focused on increasing access to supplies that the Edmonton region wants and needs, as well as expanding our products and creating opportunities for international trade. A corresponding study highlighted that the addition of an Asian passenger flight could lead to a total GDP output of $18.4 million per year, while the addition of an Asian Freighter could lead to a GDP increase of $24.8 million per year. These services would increase EIA’s overall economic impact in Alberta and the surrounding provinces.
About Edmonton International Airport
Edmonton International Airport is a self-funded, not-for-profit corporation whose mandate is to drive economic prosperity for the Edmonton region. EIA is Canada’s fastest-growing major airport over the past 10 years, the fifth-busiest airport by passenger traffic and the largest major Canadian airport by land area. EIA offers non-stop connections to 60 destinations across Canada, the US, Mexico, the Caribbean and Europe.