With its close proximity to local communities, business centers, the entertainment industry and recreational facilities, Van Nuys Airport (VNY) serves as a major economic engine in the San Fernando Valley and the greater Los Angeles region.
An economic impact study released in 2007 found that VNY attracts both aviation- and non-aviation-related businesses to the San Fernando Valley. Annually, the airport contributes more than $1.3 billion to the Southern California economy, supports over 12,300 jobs and generates an earnings impact of $707 million.
VNY is a tax generator rather than a tax user. The facility does not receive local tax dollars toward its operation, but is financed entirely by revenues from lease, rental and user fees. Los Angeles World Airports, as owner and operator, leases space to a variety of tenants that provide aviation- and non-aviation-related services. In doing so, the airport generates nearly $80 million in state and local taxes annually.
In addition, VNY is a focal point for business and industry in the San Fernando Valley. Five major fixed-base operators and numerous aviation service companies are located at the airport. These firms provide fuel sales, hangars, tiedown areas, sales and service for aircraft manufacturers, flight and ground school instruction, and air taxi and charter service.
Several non-aviation-related businesses also are located on airport property, including a hotel, a major home improvement store, a golf course complex and restaurants.
An estimated 320,000 visitors utilize VNY every year, flying on corporate, private and charter aircraft. Travelers appreciate VNY’s convenient location, and many spend money on local hotels, attractions and goods. These visitors spend approximately $176 million annually in the area and are responsible for generating 3,142 direct, induced and indirect visitor industry jobs, which in turn generate almost $93 million in personal income, wages and salaries.
To view the 2007 Economic Impact Study for Van Nuys Airport in Adobe Acrobat PDF File, please click below:
Van Nuys Airport Economic Impact Study (Condensed Version) - 2007
Van Nuys Airport Economic Impact Study (Full Version) - 2007