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MINUTES
CALIFORNIA BUSINESS MINUTE Economics of LAX 10-15-07
Hi, I am Tim Johnson and welcome to the California Business Minute.
A recent report by the Los Angeles Economic Development Corporation, LAEDC illustrates that the Los Angeles International Airport, LAX is a major contributor to the southern California economy.
LAX contributes $82.1 billion in total economic output. Additionally, the report revealed that it created 363,700 direct and indirect jobs in 2006 with annual wages of $19.3 billion across Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.
LAX is the second largest US gateway for international passengers in 2006 behind New Yorks JFK. LAX is working to prepare for the changes in aviation with the largest aircraft such as the Airbus 380 and the Boeing 787.
"This report is a real eye-opener for those concerned with job creation and retention throughout Southern California," said Bill Allen, president and CEO of the LAEDC. "With manufacturing, international trade, and tourism being the largest employment sectors in Los Angeles County, it is clear that LAX plays a powerful role in the overall economy of the entire region."
I am Tim Johnson and this has been the California Business Minute.
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