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London Luton Airport to generate an extra US$1.5bn to the economy by 2030

Left: Design rendering of Luton Airport's US$165m development plan

 

A new report by independent consultancy Oxford Economics has predicted that London Luton Airport (LLA) will contribute £2.3bn (US$3.45bn) annually to the UK’s economy by 2030 and will create a further 10,500 jobs.

LLA, which already supports £1.3bn (US$1.95bn) of economic activity and 27,200 jobs, has begun investing £110m (US$165m) on a redevelopment plan scheduled for completion in 2020. As well as delivering major improvements for passengers, the transformation will increase the passenger capacity from 12 million to 18 million per year. The airport also experienced record passenger growth in November 2015 after passenger numbers increased by 24% when compared with the same month last year. LLA added 20 new routes and welcomed four new airline partners in 2015.

The Oxford Economics study showed that the airport creates a large proportion of highly skilled jobs for the region, with an average gross wage at LLA of £38,000 (US$57,000), compared with the national average of £27,000 (US$40,500). In addition, 40% of the new jobs created will be in management, professional or skilled occupations.

Nick Barton, CEO of LLA, said, “This report vividly illustrates the economic benefits that LLA brings to the local and regional economy. As we deliver on our ambitious £110m (US$165m) plans to transform the airport, we will be working hard to ensure that our region and local communities reap the maximum benefit and share in our success.

“The report is very timely as the government considers the location of a new runway in southeast England. The Airports Commission made clear that it is imperative for the UK’s international competitiveness that airports such as LLA grow. Our redevelopment will ensure that we continue to punch above our weight within London’s six runway system, delivering greater choice, value and service to passengers.”

Partha Dey, MD of Luton-based courier firm National Sameday, said, “LLA is central to the success of our business. We have enjoyed growth of almost 200% in the last three years thanks in large part to working to integrate ourselves within the airport’s supply chain. We anticipate being able to create more jobs and further grow our business in tandem with LLA’s expansion.”

December 8, 2015





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