A recent economic impact study released Oct. 21 by Chris Lowe Planning and Management Group is calling attention to the many ways Halifax Stanfield International (YHZ) benefitted the Nova Scotia economy in 2014.
In the study, YHZ is identified as being worth $1.3 billion to the province’s economy – an additional $23 million in economic output over the year before.
“With our ability to operate 24/7, the airport creates jobs; moves people, goods and ideas; and is one of the most critical pieces of transportation infrastructure in Atlantic Canada,” says Joyce Carter, president and CEO of the Halifax International Airport Authority. “Together, the airport authority and all of our airport partners have a tremendous positive impact on Halifax and the entire province as an economic generator and growth enabler.”
Since the airport’s operations were transferred from the federal government in 2000, the airport authority and airport tenants have generated $575 million in renovation and new construction. That, in turn, created 9,075 full-time equivalent construction-related jobs and $359 million in wages and salaries.
“These investments are a clear indication of our confidence in the future, and we certainly have reason for optimism,” says Carter. “Buoyed by the call to action in the “One Nova Scotia Report,” we believe there is no better time than right now to be aggressive in our pursuit of new opportunities. A successful airport is the backbone of business, the heart of a community and the lifeblood of prosperity.”
YHZ had a total wage and salary impact of $600.8 million on the provincial economy. Airport employees contributed $63.1 million in personal income tax to the province, as well as $31.6 million in retail sales tax.
In addition, the study found that air travelers make up 34 percent of all tourists in the province; in 2014, they generated about $915 million in revenue – more than 45 percent of Nova Scotia’s total tourism revenues.
