A report published by CBI Economics suggests that business aviation traffic from Farnborough Airport, which last week served as the host airport for Farnborough International Airshow, contribute £1.9 billion of Gross Value Added (GVA) to the UK economy every year.
The study titled ‘Getting Business Going – the economic benefits to UK plc of business aviation at Farnborough Airport’ also discloses that the equivalent of 23,000 FTE jobs result from the economic opportunities provided by the enhanced connectivity and travel assurance experienced by customers using the dedicated business aviation hub, which serves as a gateway to the UK capital for private aviation.
“Our research evidences the value of business aviation to the UK economy and in particular the role of Farnborough Airport in supporting growth and inward investment,” said Louise Hellem, Chief Economist at CBI Economics. “It is striking the impact that the business aviation sector has on the UK economy, in particular the economic opportunity it creates and the importance of the sector in driving UK competitiveness and growth going forward.”
With Farnborough attracting a wealthy clientele often arriving in business jets such as those in the Falcon, Gulfstream, Legacy and Global Express categories, CBI’s Economics study found that flights from Farnborough are predominantly of high economic impact, time-sensitive in nature and essential in purpose. Approximately 80% of flying activity from the airport related either directly or indirectly to supporting UK business and inward investment.
“These latest finding from CBI Economics support what we have been saying for some time,” said Simon Geere, Farnborough Airport’s CEO, referencing the role of business aviation in driving inward investment and creating economic opportunities within the UK.
“Farnborough Airport with its well-invested infrastructure and available runway capacity, has a critical role to play in supporting economic growth going forward, both at a local level and also across the wider UK. With Farnborough Airport serving smaller-lighter aircraft, our environmental footprint is a fraction of that of a traditional commercial passenger airport, yet our economic output relative to our size is completely unsurpassed,” he continued.
CBI’s study comes off the back of an economic assessment, carried out by York Aviation last year and submitted to Rushmoor Borough Council as part of the airport’s planning application to increase its annual flights from 50,000 to 70,000. York Aviation’s study round the localised economic impact of the airport supported 2,600 jobs and injected £170 million of GVA into the local economy each year.