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Economic Impact Assessment
InterVISTAS Consulting Inc. was commissioned by Kelowna International Airport to conduct an economic impact study for Kelowna International Airport’s (YLW) operations in 2010.[1] The purpose of this study is to document the economic contribution of the airport, its airlines and their partner businesses to the community and the province.
What is Economic Impact?
Economic impact is a measure of the spending and employment associated with a sector of the economy, a specific project, or a change in government policy or regulation.
There are three levels of Economic Impact:
Direct - includes on-site firms at the airport and airport-dependent firms
Indirect - includes down-stream industres that are supported by YLW (e.g. suppliers to airport businesses)
Induced - employement generated from expenditures by individuals employed directly or indirectly (e.g. spending on home renovations by airport employees)
Economic impact can be measured in various ways. Two of the most popular ways to assess economic impact are in terms of the dollar value of industrial output produced, or in terms of person years (full-time equivalents (FTEs)) of employment generated. Other measures include value-added (GDP) and the value of capital used and/or created.
Highlights:
-
1,400 direct jobs associated with YLW, representing 1,290 direct person years of employment.
-
The direct economic impact of this employment on the provincial economy is:
$120 million in gross domestic product (GDP);
$300 million in economic output; and
$70 million in wages.
|
Direct
|
1,400
|
1,290
|
70
|
120
|
300
|
|
Indirect
|
640
|
590
|
30
|
60
|
160
|
|
Induced
|
690
|
640
|
40
|
70
|
150
|
[1] Taxation impacts are based on calendar year 2009. Employment, wage, GDP and economic output impacts are based on 2010 operations.