Millions in economic growth fuelled by region’s international airport

Having an easily accessible international airport at a city’s disposal is good for business, a new report shows.

The region’s Sustainability, Infrastructure and Development committee will be presented with the 2023 Economic Impact Study of the Region of Waterloo International Airport (YKF), when it meets on April 8.

It is the first such report since 2015 and details how YKF contributes to the bottom line for both the region and Woolwich Township.

While the numbers are up to and including 2023, the report begins by stating that over 523,000 passengers travelled through YKF in 2024, making it one of the country’s busiest airports.

The report discusses how YKF services both commercial and general aviation, which is a major creator of both direct and indirect jobs. The report shows that YKF supports 660 jobs, generating around $50 million in wages.

There are 44 businesses that operate in and around the airport, contributing approximately $668,000 in municipal property taxes to the Region of Waterloo and Woolwich Township. Two of those businesses in particular, Flair Airlines and the Waterloo Wellington Flight Center. The latter being one of the largest flight schools in the country. The report notes around 20 per cent of all Canadian commercial pilot’s licences are earned at YKF.

In 2023, YKF generated $220 million in direct economic output and $390 million in total economic output. That’s a 251 per cent increase since 2015 (when adjusted for inflation).

It also produced $90 million in gross domestic product.

The report concludes by saying, “The Region of Waterloo International Airport 2023 Economic Impact Study shows significant growth in the impact businesses and airport-related businesses contribute to the economy. Staff will continue monitoring economic trends and passenger traffic to assess future investment needs at YKF.”