Study: Phoenix Sky Harbor has economic impact of $38 billion

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(Source: Sky Harbor International Airport) (Source: Sky Harbor International Airport)
PHOENIX (3TV/CBS 5) -

A new study indicates Phoenix Sky Harbor International Airport's economic impact has increased 35 percent since 2011.

According to the study by Arizona State University W.P. Carey School of Business Phoenix, the airport currently has a total economic impact of more than $38 billion per year. The study was based on figures from the 2016 Fiscal year. The study also shows Phoenix Sky Harbor supports more than 269,000 jobs in the area with an annual payroll of more than $13 billion, according to a news release from Phoenix Sky Harbor International Airport.

Nonstop international flights generate $3.4 billion for the Valley, with British Airways' daily flight to London at the forefront of those flights. The annual economic impact of the London flight is $480 million. That flight also brings more than 2,700 jobs in the regional hospitality and export sectors. The demand for the daily nonstop flight between Phoenix Sky Harbor and London was so high that British Airways added a second flight during May and June, according to the news release. 

The economic impact study is based on employment, payrolls, business spending, revenue and personal spending. Each year, visitors arriving at Sky Harbor spend approximately $5.8 billion. In addition, more than 45,000 employees working at Phoenix Sky Harbor spend their wages, contributing to the economic impact in the Phoenix area, according to the news release. 

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