Milestone reached two years ahead of projection leading to greater economic benefit.
RICHMOND, BC – On December 18th Vancouver International Airport (YVR) served its 25-millionth annual passenger, two years ahead of forecast. This accelerated growth can be attributed to a strong B.C. economy and an impressive three years of air service development due to ConnectYVR – YVR's five year aeronautical rates and charges program. ConnectYVR rewards airlines for growing their services at YVR as a means to create more jobs, increase access to global destinations and open additional markets for B.C. goods.
YVR is operated by Vancouver Airport Authority, a financially-independent organization that is governed by a non-political Board of Directors appointed from the community. Every dollar earned by the Airport Authority is reinvested into the operation and growth of the airport to improve facilities, enhance services, reduce costs and support community initiatives. YVR's unique operating model allows for greater support and investment in the community, thereby creating jobs and driving economic and social benefits.
YVR plays a significant role in the local, provincial and national economy – creating jobs and driving business activity. The airport supports 24,000 jobs on Sea Island and more than 100,000 jobs across the province. YVR's operations – together with tourism and cargo – contribute more than $16 billion in total economic output, $8.4 billion in GDP and $1.4 billion in government revenue across B.C.
Growth projections show that YVR will serve 32 million passengers by 2022, with 29 million passengers targeted for 2020. YVR has also updated its targets to facilitate the movement of 327,000 tonnes of cargo and serve 144 destinations by 2020 – currently YVR connects people and businesses to 127 non-stop destinations worldwide. Each new flight through YVR creates hundreds of jobs and contributes millions of dollars in economic benefit to the province.
To accommodate this continued growth, YVR embarked on an ambitious 20-year, $9.1 billion expansion program earlier this year. These expansion projects have additional significant economic and employment benefits in the region. Construction activities at YVR have created nearly 2,500 full-time construction jobs on Sea Island in 2018 and hundreds more off-site, and they are expected to sustain thousands of jobs for the next two decades.
Craig Richmond, President and CEO, Vancouver Airport Authority, said: "Growth at YVR is good for the region and the province of British Columbia. Each new flight brings substantial impact, creating hundreds of jobs and providing millions of dollars in economic benefit across the province. We have been growing at an incredible pace and couldn't have done this without help from our amazing airport community. We will continue to rely on our partners to deliver excellent customer experiences as we address this growth with our ambitious multi-billion-dollar construction program to build the airport of the future."
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
