As detailed in the Virginia Airport System Economic Impact Study commissioned by the Virginia Department of Aviation in 2010 and completed in 2011, Virginia’s system of 66 public-use airports provides the Commonwealth with a safe and efficient means of transportation as well as stimulates economic growth and development.
By providing aviation-related services, the system supports more than a quarter million jobs and generates billions of dollars in economic activity while meeting the air travel needs of Virginia residents, businesses and visitors.
- Virginia’s airports contribute $28.8 billion in economic activity to the Virginia economy, which represents 4.4% of the state’s total economic output.
- Approximately 259,000 jobs are created and sustained by Virginia airports. This represents 5.5% of total jobs in Virginia.
- $11.1 billion in payroll is realized as a result of jobs created by Virginia airports.
- More than 69,000 people each day board commercial aircraft in Payroll $11.1 Billion Economic Activity $28.8 Billion Virginia.
- On a daily basis, over 6,000 aircraft take-off from and land at Virginia airports.
- Each day, approximately 23,000 visitors arrive in the state by commercial airline or general aviation aircraft.
- Each job at Virginia’s airports supports an additional seven jobs in the state.
- Every $1 spent at a Virginia airport contributes an additional $3.48 in economic activity for Virginia.
To support and induce more investment in these important assets, the Virginia Airports Revolving Fund (VARF) was created in 2000 with an appropriation of $25 million from the General Assembly. From this $25 million, VRA has invested over $87 million in below market interest rate loans to assist with over 30 projects at 20 airports.
As with other state revolving funds, VRA partners with a state agency to administer the fund. The Virginia Aviation Board prioritizes individual loan requests and VRA manages the financial aspects of the fund.
- Virginia Airports Revolving Fund Application (Word Doc 249K)