Study spells out huge economic impact of SFO to Bay Area

San Francisco International Airport’s latest economic impact report details the massive contribution airport activity makes to economies throughout the San Francisco Bay Area.

The study, which covers fiscal year 2024, also demonstrates the steady pace of SFO’s recovery from the COVID-19 pandemic.

SFO directly accounted for over $14.4 billion in on-airport business revenues, which supported more than 42,000 jobs at the Airport.

These figures, notes the gateway, represents a significant increase over the previous report, which covered Fiscal Year 2021 and reported $6 billion in business activity and over 28,000 direct jobs.

On-airport activities generated $419 million and $319 million of tax revenue for San Mateo and San Francisco counties, respectively.

Visitor spending resulting from air service at SFO contributed over $8.2 billion in additional business revenue and over 54,000 jobs in the region, up from previous figures of $2 billion and over 16,000 jobs, respectively, in the last study.

The indirect and direct spin-off activities associated with suppliers of goods and services to directly affected businesses and the re-spending of additional worker income on consumer goods and services raises the total regional economic impact to nearly $85 billion, including $31.4 billion in labour income and almost 248,000 jobs.

“This latest report clearly demonstrates SFO is an economic engine for our region, powering job creation, labour income and visitor spending,” stated SFO airport director, Mike Nakornkhet.

“Our ongoing investments to our infrastructure will ensure that SFO will continue to make a positive contribution to Bay Area economies.”