CVG Annual Economic Impact: $3.6 Billion
May 2, 2013
— CVG is a vital catalyst to the region's economy with a $3.6 billion annual impact on local families, businesses and governments, according to a report released today from the economic centers at two local universities.
Nearly 23,000 local jobs are attributable to CVG, paying salaries that total more than $1 billion, according to the report, published jointly by the Economics Center, University of Cincinnati and the Center for Economic Analysis and Development, Northern Kentucky University.
The report also found the airport contributed $92 million in tax revenue to the state of Ohio and Commonwealth of Kentucky in 2010.
“We are proud of what this airport means to our region: it helps families put food on the table, businesses keep their doors open and local governments provide vital community services,” said James Huff, chairman of the Kenton County Airport Board. “Your hometown airport not only is the best choice for getting where you need to go, it is the best choice for supporting your neighborhoods, local businesses and families.”
More than 6 million passengers fly through the airport each year, making it one of the busier airports in the nation. Each visitor means money to the local economy. The study found convention travelers coming to the region spend an average of $1,250 per trip. Those traveling for personal functions spend an average of $650. Business travelers spent an average of $560, and leisure travelers approximately $200 per trip.
“In 2010, 860,000 visitors to the region who landed at CVG spent $282 million at local businesses,” said Candace McGraw, CVG's chief executive officer. “But the economic impact of the airport goes well beyond that - you see it in direct spending, labor income, construction and our thriving cargo operations. Each day, this airport serves as a catalyst to keep the region's economy humming.”
That cargo operation continues to grow, making CVG the 12th largest - and fastest growing - cargo airport in the nation. The report's authors added an addendum to the report to capture the $200 million in economic impact the cargo operations have had in the past two years alone.
During that time, DHL has invested more than $100 million in facilities at its super hub, ultimately running more than 50 flights a night and moving more than 500,000 tons of cargo a year. This allows
CVG to diversify its revenue stream, keeping costs low and making it very attractive for prospective new airline partners, such as Frontier Airlines, which launches service May 17.
The study found each $1 in direct spending attributable to the airport resulted in nearly another $1 in indirect spending, and each $1 in direct labor income resulted in another $1.19 in indirect labor income.
CVG, which has been named Best Regional Airport in North America three years in a row by SkyTrax, an independent, London-based air transport research organization, offers more service than surrounding airports in Ohio, Kentucky and Indiana. Each day, the airport offers more than 170 flights to 47 non-stop cities, including 37 of the top 40 U.S. markets.
“We tie this region to the rest of the world,” Huff said. “But we also play a vital role right here at home. We are honored to be supported by a community that supports us. Together, we are having a huge impact.”
The full Economic Impact Report can be found on www.cvgairport.com
Get here. Get there. Get home. Airline partners at CVG offer passengers more non-stop flights than any other airport in the region, including direct international service to Paris, Toronto and Cancun. Book your next flight now at www.cvgairport.com, where low fares are updated daily. Follow CVG on Facebook (flyCVG) and Twitter @cvgairport.
CVG is home to DHL's North America hub. CVG has been rated the Best Regional Airport in North America three straight years by SkyTrax, an independent, London-based air transport research organization. In 2011, CVG became the first airport in the country to receive SAFETY Act Designation and Certification from the Department of Homeland Security (DHS), giving the airport the highest level of protection under the Act.