A new study by CBI Economics has found that business aviation flights from Farnborough Airport contribute £1.9 billion of Gross Value Added (GVA) to the UK economy annually.
The report, titled ‘Getting Business Going – The economic benefits to UK plc of business aviation at Farnborough Airport,’ also reveals that these flights support the equivalent of 23,000 full-time jobs, stemming from the enhanced connectivity and travel assurance provided by the airport.
The study, which included a survey of UK businesses, found that about 80% of the flights from Farnborough Airport are linked to supporting UK businesses and attracting inward investment. It emphasizes that these flights are largely of high economic impact, time-sensitive, and essential in nature.
This new data follows an economic assessment conducted last year by York Aviation, submitted to Rushmoor Borough Council as part of the airport’s application to increase its annual flights from 50,000 to 70,000.
That assessment found that Farnborough Airport’s local economic impact supports 2,600 jobs and contributes £170 million in GVA annually, making Rushmoor one of the fastest-growing local authorities in the UK, according to the Office for National Statistics (ONS).
Simon Geere, CEO of Farnborough Airport said, “These latest findings from CBI Economics support what we have been saying for some time, that the role of business aviation in driving inward investment and creating economic opportunity within the UK is both significant and demonstrable. Farnborough Airport in particular, 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. We are hugely proud of the local and national economic success story which Farnborough Airport has clearly become.”
Louise Hellem, chief economist at CBI Economics said, “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. 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.”
The report also estimates that increasing flights at Farnborough Airport from 50,000 to 70,000 per year could generate an additional £1.4 billion of GVA annually and create 17,900 extra full-time jobs. This growth would also enhance the local economy in Rushmoor, increasing jobs and GVA from 2,600 and £170 million annually to 3,550 and £430 million, respectively, by 2040.