LOS ANGELES, Calif. /California Newswire/ — Mayor Villaraigosa, Councilmembers Hahn, LaBonge and Rosendahl, and Los Angeles World Airports Executive Director Gina Marie Lindsey announced on Tuesday (April 19) the findings of a report released by the Los Angeles County Economic Development Corporation (LAEDC) which concludes that new construction at Los Angeles International Airport (LAX) will create nearly 40,000 jobs, generate $2.62 billion in worker income, $6.9 billion in revenue, and help the Los Angeles area recover from the ongoing recession.
“The LAX Modernization Project is one of the City’s most successful job creation and economic recovery efforts,” said Mayor Villaraigosa. “Not only will it create nearly 40,000 jobs and generate $2.62 billion in worker wages, it will help ensure that the airport remains competitive in the global market, bring visitors to our great City, and put our residents to work now and for years to come.”
The LAEDC report also shows that the City’s investment of $4.1 billion for new construction at LAX will yield favorable returns, as this major modernization is projected to generate $6.9 billion for the City over 7 years.
“Ultimately, these projects represent valuable investments in Los Angeles County,” said LAEDC President and CEO Bill Allen. “By prioritizing modernization at LAX, we ensure Los Angeles has an airport that serves the needs of the public and makes it the job creation catalyst it was destined to be.”
Current new construction at LAX includes a number of projects, the most significant being the Bradley West renovation, which constitutes more than $1.4 billion and is the largest public works project in Los Angeles history.
“Our relentless efforts to bring businesses, airport leaders, and the local community together to make LAX modernization a reality is finally paying off in a big way for our city,” said Councilmember Bill Rosendahl. “But the real story of the day is the 39,900 jobs that we’ve created. That’s 39,900 families that can count on their paychecks during these tough economic times and, although we have a price tag for it, it’s hard to put a value on that.”
The LAEDC analysis also includes the ongoing renovations of the Central Utility Plant, aircraft taxilane upgrades, baggage screening facilities, as well as more than $636 million in improvements throughout domestic terminals 4, 5, and 6.
“I’ve always said that LAX is our own local stimulus package here in this region, and this report confirms that,” said Councilmember Janice Hahn, Chair of the Trade, Commerce and Tourism Committee. “We are providing good-paying jobs to local and small businesses at a time when we need it most. We’re also creating long-term jobs by accommodating the next generation of aircraft; every daily round-trip overseas flight at LAX generates $623 million annually and provides 3,120 local jobs.”
In his State of the City speech last week, Villaraigosa reiterated his commitment to job creation and economic development. Yesterday, Villaraigosa helped open Berth 102 at the China Shipping Terminal at the Port of Los Angeles. Berth 102 is part of China Shipping’s $106 million terminal expansion project which, when complete, will support 8,400 new jobs at the Port.