O’Hare International Airport in Chicago is one of the
biggest and busiest airports in the country. But nobody ever referred to it as
a possible money driver.
Until now.?
A new
study has found that the completion and modernization of O’Hare could bring
an influx of $20 billion to Chicago and create about 100,000 jobs. Talk about taking off.?
The study was conducted by the nonpartisan
Illinois Economic Policy Institute. It found that completing the project would
mean more than 11,000 jobs per year for the city of Chicago and about $280
million per year in added revenue.
‘The
most important economic asset in Illinois’
“As
North America’s leading airport by cargo value and the nation’s leading airport
in terms of passenger flights to destinations, O’Hare is arguably the most
important economic asset in Illinois,” said Economist and study author Frank
Manzo IV. “While the pandemic and its aftermath have impacted initial cost and
timeline estimates of this project, the data reveals that completing each of
O’Hare’s planned infrastructure improvements will deliver the best possible
return on investment for all stakeholders -- including passengers, taxpayers,
and the region’s economy.”?
Key renovations are expected to include a new global
terminal as well as the expansion of several existing concourses. Gate capacity
will also increase and runways will be upgraded, among other things.
About a third of the project has been completed. There is
a simultaneous construction project going on involving the refurbishment and
renovation of I-190.
“More
than $8 billion in capital improvements and enhanced capacity to serve more
people translate into jobs, increased consumer spending rippling across the
economy, and higher state and local tax collections,” Manzo added. “This
analysis shows that more capacity and more consumer demand will mean hundreds
of new permanent jobs both at the airport and beyond -- including baggage
handlers, flight attendants, pilots, TSA agents, and airport service providers
as well as at local businesses where these workers spend money as consumers
across all sectors in the Chicago metropolitan area.”
O’Hare is the headquarters
for United Airlines.
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