Virginia Airports Revolving Fund

Virginia Airports Revolving FundAs 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.

Virginia Department of Aviation

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.

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