Phoenix's trio of airports, including the bustling Phoenix Sky Harbor International, is generating an economic turbulence with a massive $44.3 billion impact on the city's wallet, revealed a study by Arizona State University's W.P. Carey School of Business. Unveiled on April 25th, the report hails from the 2022 calendar year data and marks a 15% climb from a similar study conducted back in 2016. A tip of the wing goes to Sky Harbor for being the major contributor, keeping the skies and economy friendly for nearly 246,000 employees with a bountiful $14.8 billion payroll, according to ABC15.
Phoenix Mayor Kate Gallego, praised with the recent study's findings for boosting the economy, was reported saying by the Business Journal, “The Phoenix Airport System is a critical asset to our community and state, and this new study underscores how vital it is to our economy.” Gallego credited the airports for supporting local and global businesses, creating jobs, and making Phoenix a destination worth revisiting. Despite the colossal contribution in 2022 data set backs the calculation as it doesn't frame the complete recovery of Sky Harbor from the COVID-19 pandemic-related downs. The airport, according to studies, soared to record-breaking passenger traffic numbers in 2023 and is charting a course for even loftier heights in the early months of 2024.
With the economic winds in its sails, these airports, particularly Sky Harbor, surpass not just airstrips but behemoths like Banner Health, Walmart, and Amazon to clinch the title of the state's top employer. Donning the crown with 47,919 employees, it's propelling the local job market to new altitudes, per data tallied by the W.P. Carey School of Business' study.
Announcing the campaign to construct a new terminal at Sky Harbor, Gallego has her eyes set on the horizon. The move comes as a strategic play to aid the airport in accommodating a typical day of air travel powerhouse: 1,077 commercial flights, shuffling 121,638 passengers, handling 1,067 tons of cargo, and injecting a healthy dose of dollars into the region's economy, valued at around $19.3 million. Sky Harbor isn't just about planes and runways – it's a pulsing vein in the heart of Phoenix's economy, keeping the city's financial health robust with $576,000 in daily sales of food and beverages alone, as per statistics mentioned by the Business Journal.
Presenting a case study in economic vitality, Phoenix's airport system isn't merely a gateway to destinations; it's the state's economic jet engine. It is a vivid demonstration that profitable tailwinds are a result of meticulous investment and an unwavering focus on growth and recovery, even after an industry-wide stall due to global health crises. Phoenix stands as a city taking flight on economic wings, charting a course to an ever-more prosperous skyline.
