The Los Angeles International Airport generated 620,610 jobs, or about $37.3 billion in wages, in the Southern California region in 2014, according to a report released Thursday.
Activity at LAX also contributed $126.6 billion in revenues to businesses, generated $6.2 billion in state and local taxes and created $8.7 billion in federal tax revenues for Southern California, according to the findings put out by Los Angeles Economic Development Corporation researchers.
The economic boost comes from spending by visitors that come through LAX, revenues to aviation-related businesses and the companies that do business with them, and spending by employees, according to the study, which looked at Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.
The ongoing modernization of LAX has also created another 121,640 annual jobs, with $7.6 billion going to labor income, LAEDC researchers said.
The projects also generated $20.3 billion in business revenue, $966 million in state and local taxes and $1.6 billion in federal taxes, the report said.
The $10.1 billion in modernization projects so far include renovations of airline terminals, runway improvements and the construction of rental car facility and a people mover to connect LAX passengers to nearby public transportation. The full $14 billion modernization plan is expected to be completed by 2023.
Mayor Eric Garcetti pointed to today’s report as confirmation that “this generational investment in our airport is paying off with hundreds of thousands of jobs for Angelenos and billions added to the local economy.”
— Wire reports
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