The San Francisco International Airport (SFO) released an economic impact report, summarising the contribution that the Airport makes to local economies. SFO is now in 7th year of sustained passenger traffic growth, with resulting gains in employment, income, business activity, and visitor spending.
The report, which summarises economic impact for the 2016-2017 Fiscal Year, included the following highlights:
– SFO directly accounted for more than $8.4 billion in business activity in the 2016-2017 Fiscal Year and over 42,800 jobs.
– Off-site business activities that depend directly on local air service for staff movements, cargo deliveries, or visitor spending collectively raise the direct airport economic contribution to the Bay Area to $35.7 billion in business sales with approximately 165,000 jobs, up from previous figures of $34.6 billion and 158,400 jobs respectively in the last study.
– The indirect and direct spin-off activities associated with suppliers of goods and services to directly affected businesses, and the re-spending of additional worker income on consumer goods and services, raises the total regional economic impact to over $62.5 billion in business sales, including $20.9 billion in total payroll and over 300,300 jobs.
“The continued passenger growth at SFO benefits our entire region by fueling job creation and generating business revenue. This is the latest validation that our great airport helps power local economies,” said Mayor Lee.
Airport Director, Ivar C Satero, said, “We are proud to see SFO’s economic contribution on the rise. New airlines and new destinations are good for travelers, but they also benefit local communities, providing more employment and business income.”