Study Shows $28.6 Billion Annual Economic Impact From Memphis International Airport
According to a new economic impact study commissioned by the Memphis-Shelby County Airport Authority and prepared by the Sparks Bureau of Business and Economic Research/Center for Manpower Studies at Fogelman College of Business and Economics, The University of Memphis, Memphis International Airport has a total economic impact on the community of $28.6 billion.
In addition to directly or indirectly pumping more than $28 billion a year into the Mid-south economy, Memphis International and the businesses that depend upon it provide just over one-in-three jobs in the metro Memphis area.
"Memphis International Airport is without question the most important asset we have in the community for business and tourism growth," said Arnold Perl, Chairman of the Memphis-Shelby County Airport Authority. "Over the last few decades, the airport has grown from an important local asset, to an internationally respected cargo and passenger hub, to our latest transformation into the centerpiece of America’s Aerotropolis."
In 1998, the economic impact of Memphis International was calculated at $12.9 billion. In 2004, the study showed a $20.7 billion impact.
Cargo operations of $27.1 billion account for the majority of the total $28.6 billion in annual impact. Most of this is attributed to the operations of FedEx. Passenger operations, led by Delta / Northwest airline account for some $1.3 billion annually. Construction projects have an impact of nearly $140 million.
Read the entire report here.