- Based on 2015 activity, the airport contributes $2 billion to the local economy, supports 10,450 jobs and generates $673.4 million in labor income annually.
- VNY is a tax generator, not a tax user, and produces $170.1 million in federal and $124.7 million in state and local taxes per year.
- On average, every $1 million spent on capital improvement projects at VNY will have an economic impact of 10 jobs, $582.8 thousand in labor income, $1.7 million in business revenue and $70.3 thousand in state and local taxes.
- According to the study, VNY tenants are in the midst of capital improvement projects valued at $43.4 million. Including the new Jet Aviation facility, they have committed to a total of $65 million in new development projects over the next eight years.
- Employment figures are broken down by industry, not by specific occupations. A minor change in the distribution of jobs has resulted in fewer low-level jobs and an increase in higher-paying administrative and professional jobs.
- Overall, VNY’s total economic impact increased from $1.3 billion in 2007 to $2 billion in 2015. The airport continues to be a major contributor to the economy in terms of jobs and output.
(Note: A change in the structure of traditional aviation employment may be attributed to advances in technology and technical skills. Therefore, higher-paying jobs are generating the largest impact. It is difficult to pinpoint the cause of these changes and they could be related to several factors – for example, the value of the dollar has changed and the airport was in the midst of a recession 10 years ago).
- LAEDC utilized IMPLAN software to capture a snapshot of the impacts of multiple businesses located on one site. It is more robust than the older RIMS II system used in the 2007 report, which is being phased out.
- For consistency, LAEDC used the same methodology for both the LAX and VNY economic impact studies (as well as for the Bob Hope Airport economic impact study issued in 2014).
IMPLAN relies on government-reported payroll data and uses survey data for comparability. This eliminates any possible errors in self-reporting and the information is highly defensible.