A new study has revealed that business aviation flights from Farnborough Airport contribute £1.9 billion of gross value added (GVA) to the UK economy every year.
The report from CBI Economics also asserts that 23,000 full-time equivalent jobs result from the economic opportunity created by the airport.
It found that around 80 per cent of the flying activity from Farnborough relates either directly or indirectly to supporting UK business and inward investment, positing that most flights are of high economic impact, time-sensitive in nature, and essential in purpose.
These latest figures come following an economic assessment submitted to Rushmoor Borough Council as part of the airport’s planning application to increase its annual flights from 50,000 to 70,000.
That report found that the localised economic impact of Farnborough Airport supports 2,600 jobs and injects £170 million of GVA into the local economy each year, making Rushmoor one of the fastest growing local authorities in the UK.
Simon Geere, CEO at 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’re hugely proud of the local and national economic success story which Farnborough Airport has become.”
Louise Hellem, chief economist at CBI Economics, added: “Our research evidences the value of business aviation to the UK economy, and the role of Farnborough Airport in supporting growth and inward investment.
“It’s 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 going forward.”
