An Economic Engine Worth More Than $3.8 Billion to the Nova Scotia Economy
Walking around Halifax Stanfield, you can feel a hum of excitement – crowds of people eager to get to their destination or greet a loved one and smiling employees assisting a passenger or hanging a sign for a new tenant. Things are constantly changing and it’s no longer the airport you remember from a decade ago. Now a bustling, diverse airport community with 120 organizations operating on site, Halifax Stanfield is home to over 5,600 full-time-equivalent jobs, contributing $355 million annually in provincial labour income.
Today, Halifax International Airport Authority (HIAA) is pleased to release the results of its 2018 Economic Impact Study, which indicates that the airport is contributing more than ever to the Nova Scotia economy at an incredible value of $3.8 billion.
“Halifax Stanfield is an ideal gateway for tourism, trade, investment and immigration and is one of the most critical pieces of transportation infrastructure in Nova Scotia,” said Joyce Carter, President & CEO, HIAA. “As an active member of the community, we’re proud that our work, and that of our tenants and partners, benefits the entire region.”
The airport offers non-stop flights to over 40 destinations in Canada, the U.S., the Caribbean and Europe and serves on average, almost 12,000 passengers every day. This air access provides more options for local travellers and exporters, while also creating opportunities to attract visitors to the beautiful Atlantic Region – connecting you to the world.
“Each year, tourism revenue exceeds $2 billion for the province and this would not be possible without the tremendous effort of Halifax Stanfield to attract new airlines and retain service into Nova Scotia,” said Darlene Grant Fiander, President, Tourism Industry Association of Nova Scotia. “Stable and reliable access into the province is crucial for a successful tourism economy. We are incredibly fortunate to have a world-class airport as part of our tourism story.”
The benefit of having a strong airport community goes beyond a convenient place to catch a flight. The impact of Halifax Stanfield can be seen in the people who work directly on the airport property, to the people who take their first steps in Canada at the airport, and everywhere in between.
“My first experience in Canada was when I stepped off the plane at Halifax Stanfield in 2015,” said Tareq Hadhad, CEO and Founder of Peace by Chocolate. “Now we’re able to provide jobs and share our message of peace with people around the world, all from our chocolate shop in Antigonish, Nova Scotia.”
Today, Hadhad calls Nova Scotia home and his products are sold across the country, including in Hudson stores at Halifax Stanfield.
Recent infrastructure projects at Halifax Stanfield have also made their mark on Nova Scotia’s economy. In 2018, HIAA and its tenants invested more than $50 million in upgrades to improve airport operations, enhance passenger processing, and increase business development opportunities. These construction and renovation projects created over $90 million in economic output and over 550 full-time-equivalent jobs.
In line with this, Standard & Poor’s Financial Services reaffirmed HIAA’s credit rating of AA- this year, indicating the organization’s economic and financial outlook is stable.
“One of our roles as an airport is to help facilitate growth for the region and boost the economy,” said Carter. “Airports connect us to the rest of the world, and let visitors and businesses have access to what we have to offer in our region, generating continued opportunity for growth for the entire region and beyond.”
The 2018 figures are according to the latest economic impact report produced by Canmac Economics Ltd. To learn more about the 2018 results, click here.