New UNT study captures more of DFW's economic activity to double previous estimates
DFW AIRPORT, Texas, Oct. 31, 2013 /PRNewswire-USNewswire/ -- Dallas/Fort Worth (DFW) International Airport is now contributing more than $31 billion dollars worth of economic impact into the Dallas/Fort Worth region every year, according to a new study by the University of North Texas (UNT) Center for Economic Development and Research. The new study shows DFW produces almost double the economic impact than previous studies have shown, because it includes DFW cargo operations and related business activity that previous studies did not include. The study findings were presented at the Aerotropolis Americas Conference at the Hyatt Regency DFW this week.
"There's no question DFW is a major contributor to the Dallas/Fort Worth economy, not only because the Airport hosts more than 1900 flights a day, but because DFW also creates jobs and economic activity through capital improvement projects such as our Terminal Renewal and Improvement Program," said Sean Donohue, CEO of DFW Airport. "This study captures in some pretty big numbers how dynamic our Airport is in providing valuable growth and opportunities for our citizens."
The study shows DFW directly or indirectly supports over 143,000 permanent jobs to North Texas residents, including 60,000 people who work on the airport premises every day, resulting in more than $9 billion in annual wages, salaries, and benefits. It also finds that air cargo operations at DFW support $16.7 billion in regional economic activity ever year, while business activity and visitor spending associated with DFW Airport operations generate more than $1.7 billion annually for state and local taxing jurisdictions. Business tenants at DFW (not including concessionaires located in the terminals) generate almost $1.6 billion in regional economic activity each year.
"It's clear to us that Dallas/Fort Worth International Airport is a key driver of economic success for North Texas," said Dr. Terry Clower, Director of the Center for Economic Development and Research at the University of North Texas. "In an increasingly global economy, this critical component of the region's transportation infrastructure supports business activity through easy access to markets around the world and enhances the quality of life for North Texas residents."
The study reviewed DFW's capital expenditures and regularly recurring impacts such as airport operations, airline operations, concessions and visitor spending. It also incorporated DFW's growing efforts on the future commercial development of airport land for new ventures.
"This report shows that virtually every local industry is touched in some way by the services available at DFW Airport," said Ken Buchanan, DFW's executive vice president for revenue management. "The incredible growth we're seeing at DFW is coming not only from new air service and flights, but also new uses for our land and new development projects on the airport property."
DFW has experienced the strongest period of international air service growth in its history over the past three years, by adding 20 new destinations, 17 of them new international destinations, along with 26 new international flights, seven new airline carriers. DFW has attracted over $1 billion in new annual economic activity for the North Texas region as a direct result of that air service expansion.
To create the DFW impact study, UNT utilized the "IMPLAN" economic input-output model developed by MIG, Inc., which tracks how spending flows through the economy. The IMPLAN model is widely used in academic and professional economics research.
About DFW International Airport
Part of ongoing push to become global gateway
It will launch new international service from Dallas/Fort Worth (DFW) International Airport to Hong Kong and to Shanghai in the summer of 2014, marking DFW's first-ever flights into Hong Kong and...
CEO 'State of the Airport' Address Calls for Keeping DFW Cost Competitive, Planning for the Future DFW INTERNATIONAL AIRPORT, Texas , April 2 /PRNewswire/ -- DFW International...
SHANGHAI, China , Oct. 29 /PRNewswire/ -- Hailing the new relationship as a milestone in Texas - China trade and tourism relations, leaders of Dallas-Fort Worth (DFW) International Airport...