2012-08-22 /travelprnews.com/ An economic impact analysis released today reaffirmed the role of Los

2012-08-22 /travelprnews.com/  An economic impact analysis released today reaffirmed the role of Los Angeles International Airport (LAX) as one of Los Angeles County's major economic generators.  According to a study by the Los Angeles County Economic Development Corporation (LAEDC), activity at LAX generates paul mccartney tour schedule 294,400 jobs in Los Angeles County with labor income of $13.6 billion and economic output of more than $39.7 billion annually.  An additional 19,400 jobs are supported in neighboring Southern California counties.  This activity added $2.5 billion to local and state tax revenues.
The total employment impacts span across a wide range of Southern California industries, including tourism, food service, retail and wholesale trade, paul mccartney tour schedule transportation warehousing, arts/entertainment and recreation, and professional/scientific/technical.
The economic impacts reported were based upon analysis of ongoing operations paul mccartney tour schedule at LAX during fiscal year 2011 ending June 30, 2011, including capital improvement expenditures and related visitor paul mccartney tour schedule spending.  During FY 2011, LAX served more than 60.6 million passengers, processed 1.9 million tons of air cargo (mail and freight), and handled 265,000 domestic and international flights in each direction.
This comprehensive report underscores the irrefutable paul mccartney tour schedule importance of commercial aviation activity at LAX, and indeed throughout the Southern California paul mccartney tour schedule region, on our economic well-being," said Mayor Antonio R. Villaraigosa.  "From passenger spending to the enhancement of national and international trade, LAX and our region s other airports are uniquely where the action is.  It s hard to argue with the generation of more than 294,000 jobs and $39.7 billion in economic activity.
Additionally, Los Angeles World Airports (LAWA), the City department that owns and operates LAX, is in the planning stages of additional capital improvement projects at the airport, which airport officials estimate paul mccartney tour schedule will cost at least $8.5 billion over a period of 10 to 15 years.  This future spending is expected to generate 90,500 jobs in Los Angeles County with labor income paul mccartney tour schedule of $5.6 billion, annual economic output of $14.4 billion, and additional state and local revenues of $520 million and federal tax revenues of $1.1 billion.
paul mccartney tour schedule Los Angeles City Council President Herb Wesson (District 10) said, "The LAECD report clearly shows that LAX continues to be a vital economic engine for our region's economy.  The investments we make in capital improvements will make sure that the engine continues to deliver jobs and resources for the city."
"This LAEDC report clearly shows the extraordinarily positive economic impact LAX has on Southern California," City Councilmember Paul Krekorian (District 2) said. "As one of our most important economic engines, paul mccartney tour schedule LAX creates economic vitality that generates $2.5 billion in local and state revenues.  As chairman of the Budget and Finance Committee, I know how important these revenues are to Los Angeles, its residents paul mccartney tour schedule and local businesses."
LAEDC President and CEO Bill Allen said,   Los Angeles International Airport continues to represent a major catalyst for both Los Angeles County and the five-county Los Angeles regional economy.  In 2011, airport operations, capital expenditures, and visitor spending generated 313,800 total jobs across Southern California, with $39.7 billion in total economic impact in Los Angeles County itself. paul mccartney tour schedule  Every council district in the City of Los Angeles, every supervisorial district in the County, and many other cities in the County enjoy substantial economic benefits paul mccartney tour schedule including jobs and local tax revenues. Hence, it remains incumbent upon our local government leadership to help keep LAX strong and growing.
"The economic impact of LAX on our community is mind boggling.  So many citizens across all of Los Angeles County depend on LAX for jobs.  Thousands more earn their livelihood serving people who work at LAX or rely on LAX for personal or business paul mccartney tour schedule travel," said Gary Toebben, president/CEO of the Los Angeles Area Chamber of Commerce.  "It is clear from this report how important it is for us as a city, county and region to modernize LAX."
Los Angeles World Airports Executive Director Gina Marie Lindsey said, "We recognize the critical role LAX plays in the Southern California regional economy.  Los Angeles deserves a world-class airport, and our ongoing efforts to modernize LAX through capital improvement projects will generate badly needed jobs today and into the future."
The economic analysis was performed in three parts, measuring:  the impacts of annual airport activity, the capital improvement/modernization program, and spending by visitors whose travel to Los Angeles is facilitated by LAX.
During fiscal year 2011, Los Angeles World Airports operations at LAX generated $771.9 million in operating revenues paul mccartney tour schedule and operating expenses of $541.2 million.  LAWA paid $323.5 million in salaries and benefits to 3,550 employees, and contracted an additional $143.7 million in services.  LAWA purchased $32.7 million in materials and supplies, and $29.6 million in utilities, many of which are sourced locally and regionally.
The study estimated that airport activity, including airlines, concessionaires, federal law enforcement, ground handling paul mccartney tour schedule companies, and their subcontractors paul mccartney tour schedule supported 103,100 direct, indirect and induced jobs with labor income of $6.2 billion annually in L.A. County, generated economic output of $18.9 billion annually, and state and local taxes of $1.1 billion.
The economic impacts of the multi-year, $4.11-billion LAneXt™capital improvement program currently underway were also studied by the L.A. County Economic Development Corporation.  During fiscal year 2011, total capital improvement spending was $850 million, supporting 10,700 direct, indirect and induced jobs with total labor income of $600 million in L.A. County and annual economic output of $1.7 billion.  This activity resulted in $60 million paul mccartney tour schedule in state and local tax revenues and $130 million in federal taxes.
Studying paul mccartney tour schedule the impacts of both international and domestic visitors, paul mccartney tour schedule the study found travelers through LAX supported 180,600 direct, indirect and induced jobs with total labor income of $6.8 billion annually in L.A. County, generated $19 billion paul mccartney tour schedule in annual economic output, $1.3 billion in state and local tax revenues, and $1.6 billion in federal tax revenues.
The LAEDC study also discussed catalytic effects on the regional paul mccartney tour schedule economy that the presence and use of air transportation services paul mccartney tour schedule involving the movement of goods and people act as a catalyst to additional economic activity not directly related to the aviation industry, its supply chain, or its workers. paul mccartney tour schedule  Of note, the tourism industry throughout Southern paul mccartney tour schedule California paul mccartney tour schedule is dependent upon operations at LAX.  The airport also accounts for a large share (18.1 percent) of the total value of two-way trade moving through the Los Angeles Customs District and a significant share of the total value of two-way trade for the entire United States (2.3 percent).  Air transportation services also contribute to changes in productivity in the local economy and allow companies to expand into new markets.  The availability of air service also factors into business decisions to locate to Los Angeles.