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New Air Service at YQQ Would Pump Millions into Local Economy Significant impact to employment, wages and GDP reported | |||||||||||||||||||||
| September 16, 2011 | News Release | ||||||||||||||||||||
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New Air Service at YQQ Would Pump Millions into Local Economy "An airport connects a community to the rest of the world and promotes economic wellbeing within that community. The economic impact of a new air service is impressive and demonstrates what an important investment YQQ is for the Comox Valley as a whole," said CEO Shirley de Silva. "For example, establishing a once daily service to the United States would result in more than $24 million in direct annual economic impact for this area." The study conducted by InterVISTAS Consulting Group, reports on the direct impact a new air service would have on the airport and visitor spending in the Comox Valley. InterVISTAS is a leading worldwide aviation consulting firm that conducts studies which document the wide ranging economic stimulus generated by an airport. The study completed for YQQ takes employment, wages, GDP and economic output into account. "Each time a plane lands at YQQ, it generates labour hours for individuals involved in handling passengers, their baggage and the aircraft. Direct impacts can also be attributed to businesses within the terminal building," said de Silva. "The establishment of new air service YQQ would also bring in more tourists who will spend money on food, lodging and entertainment in the Comox Valley region." The study looked at three potential scenarios and the associated economic benefit for each.
*One person year equals 1,832 hours (the equivalent to a full time employee). In pursuit of its strategic vision to expand air service, the Comox Valley Airport has been working for the past 10 months to identify and build business cases for possible new routes. Following the release of this economic study, YQQ will now work to finalize an incentive program that will help strengthen its business case for airlines. "Airlines must invest substantial up-front costs to initiate a new service. As airlines face more and more pressure to decrease their costs, incentive policies are growing in popularity and magnitude around the world," concluded de Silva. "Successful airports need successful and profitable aviation partners and without them we would be unable to justify our existence." YQQ will work with its community partners to obtain marketing support for any new service that is established in the community. This ensures a commitment for the airline that the airport and the community will work cooperatively together to ensure the service is promoted within the community and that the Comox Valley is promoted as a destination for inbound tourists. The airport will also look at its own fee structure and other incentive possibilities for airlines looking to establish new service at YQQ.
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Media Contact: Christianne Wile | |||||||||||||||||||||