Ky. workers earn more than $300M at CVG
COVINGTON, Ky. (Jan. 17, 2017‚ — Cincinnati/Northern Kentucky International Airport (CVG) has a $4.4 billion annual impact on local families, businesses and governments, says a study by the University of Cincinnati and Northern Kentucky University. The $4.4 billion total is a 22 percent increase from 2012, when a similar study found CVG had a $3.6 billion annual impact on the region.
The study found that CVG has an estimated income tax revenue in Kentucky of $21,485,827 and Kentucky workers earn $318,294,945.
In 2015 CVG was responsible for more than 13,500 direct jobs and more than 31,100 total jobs in the region, more than $625 million in direct labor income, more than $1.3 billion in total labor income and nearly $1.3 billion in direct output.
“We’re proud of what CVG means to our community. A vibrant airport that moves people and goods efficiently is an important component of the economic vitality of the region,” said Candace McGraw, chief executive officer, CVG. “This report showcases our successful efforts over the last several years to grow cargo operations, develop land around the airport, and increase air-service options. We’re pleased to see the direct positive impact on the community.”
Airline growth has been driving down airfares, and therefore contributing to increased passenger volume at CVG. Passengers traveling to the region have a direct effect on the local economy by spending on dining, retail, entertainment and lodging. Spending per leisure visitor is $150, while spending per business visitor is $477.