The Van Nuys Airport brings in about $2 billion in economic output for Los Angeles County, according to a new report released Thursday by the Los Angeles County Economic Development Corp.
The San Fernando Valley airfield was also responsible for more than 10,000 jobs that bring in about $674 million in wages, the report presented to the Los Angeles Airport Board of Commissioners said.
The report, commissioned by Los Angeles World Airports, is the first one in nearly a decade to calculate the economic impact Van Nuys has on the Valley and the surrounding region. The 2007 report found the total economic output at $1.3 billion and created about 12,000 jobs.
Jeffery Daar, the Valley’s representative on the airport commission, said that the $2 billion in output and the 10,000 jobs created speaks for itself.
“Knowing that will hopefully lead toward the entire San Fernand Valley being more connected to our airport because people do not realize what a big part of the Valley the airport is,” Daar said during a break at Thursday’s meeting that took place at Van Nuys City Hall.
The report found that capital improvement projects planned for the next five years would generate $107.5 million in economic activity. These projects include new buildings, reconstruction of two taxiways, improving the radio communication system and removal of underground storage tanks.
Construction projects include continuation of new buildings at The Park VNY, the dedicated area for small propeller planes; new hangars and office space at Aerolease/Aeroplex Group on Woodley Avenue; and the new fixed-base operation to be built by Jet Aviation of America Inc. on a 17-acre site at 16644 Roscoe Blvd.
“Of the capital improvements, Jet Aviation is probably the one the community is going to see the largest physical change because it is going to turn the area into something quite impressive,” Daar said.