North Texas Banks on DFW Airport Economic Impact
Jan 02, 2014 04:02PM
● By Anonymous
DFW International Airport aerial view from Terminal D.
By Christina Mlynski
Dallas/Fort Worth International Airport is a vital lifeline to the North Texas Region, currently contributing more than $31 billion worth of economic impact to the Metroplex every year.
DFW International Airport produced nearly double the economic impact it has distributed in previous years due to cargo operations and related business activity that was not previously included, according to a new study by the University of North Texas Center for Economic Development and Research.
"There's no question DFW is a major contributor to the Dallas/Fort Worth economy, not only because the Airport hosts more than 1900 flights a day, but because DFW also creates jobs and economic activity through capital improvement projects such as our Terminal Renewal and Improvement Program," says CEO of DFW Airport Sean Donohue. "This study captures in some pretty big numbers how dynamic our Airport is in providing valuable growth and opportunities for our citizens."
The airport directly or indirectly supports more than 143,000 permanent jobs to North Texas residents, including 60,000 people that work on the premises, which results in more than $9 billion in annual wages, salaries and benefits. Additionally, air cargo operations at DFW support $16.7 billion in regional economic activity every year, while business activity and visitor spending associated with airport operations generate more than $1.7 billion annually. Furthermore, business tenants at DFW generate nearly $1.6 billion in regional economic activity each year.
"It's clear to us that Dallas/Fort Worth International Airport is a key driver of economic success for North Texas," says Director of the Center for Economic Development and Research at the University of North Texas Terry Clower. "In an increasingly global economy, this critical component of the region's transportation infrastructure supports business activity through easy access to markets around the world and enhances the quality of life for North Texas residents."
DFW has experienced the strongest period of international air service growth in its history during the past three years. This is a direct result of adding 20 new destinations — 17 of them include new international stops, along with 26 new international flights and seven new airline carriers. The airport has attracted more than $1 billion in new annual economic activity for the Metroplex as an immediate impact of air service expansion.
“This report shows that virtually every local industry is touched in some way by the services available at DFW Airport," explains DFW's executive vice president for revenue management Ken Buchanan. "The incredible growth we're seeing at DFW is coming not only from new air service and flights, but also new uses for our land and new development projects on the airport property."