ST. LOUIS — ºüÀêÊÓƵ Lambert International Airport spurs about $27.5 billion a year in economic activity for the metro area — a figure that could grow by about $5 billion by 2032 after the airport’s proposed overhaul of passenger terminals is completed.
That’s according to a newly released report compiled for Greater ºüÀêÊÓƵ Inc., a leading area business organization that is helping promote Lambert’s upgrade.
The report compared the airport’s direct and indirect significance to the area economy in 2019 — the last year before air traffic nationally nosedived because of the pandemic — and what it could be in 2032.
The 2019 figures are considered representative of current conditions as aviation activity has strongly rebounded, the report said.
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The report said the overall economic impact of Lambert could grow nearly 18% between 2019 and 2032, to $32.4 billion.
The number of jobs tied directly or indirectly to the airport could increase by about 30%, from 102,815 to 133,501, the report said. The 86-page report was compiled by Kimley-Horn and Associates, a North Carolina-based consulting firm.
“Transforming our airport is a top priority for ºüÀêÊÓƵ’ business community,†David Kemper, executive chairman of Commerce Bancshares and a Greater ºüÀêÊÓƵ board member, said in a news release on the report.
“A new airport is critical to meeting the current and future needs of our metro, making us more competitive, increasing economic growth and expanding our global connectivity.â€
The figures include data and projections of economic activity at the airport itself, from Boeing Co. and other companies operating there and from nearly 250 other companies within 10 miles of Lambert that support or rely on the airport.
Also included are so-called multiplier impacts, such as income earned by workers from direct and supplier sales transactions that is then spent in the metro area.
Tony Wyche, a spokesman for Greater ºüÀêÊÓƵ, said the report assumes that a possible $1.8 billion expansion of Boeing’s manufacturing complex at Lambert will actually occur.
That depends on the aerospace company winning major new Defense Department contracts over rival firms.
The airport’s overhaul, which is estimated at $2.8 billion, would consolidate its two terminals into one new single passenger terminal with about 60% more space for concessions and retail. The plan also calls for a new, larger parking garage and road improvements.
The cost would be covered by bond sales paid off by airline fees, increased revenues from parking and retail sales, federal grants and charges on airline tickets.
Lambert’s airlines must still agree to the plan, which has been tentatively approved by the Federal Aviation Administration pending an environmental review.
The Greater ºüÀêÊÓƵ report says jobs at the airport itself, including workers on construction projects and Boeing employees, would jump to 31,666 in 2032 from 23,964 in 2019.
Direct payroll totals at Lambert would increase from about $3.2 billion to $3.7 billion and business revenues generated at the airport itself would increase from $14.9 billion to $16.5 billion.
The report cites the importance of the airport to business and in particular its importance to three companies with large ºüÀêÊÓƵ area presences — Boeing, Bayer and Bunge. Backers of Lambert’s overhaul say among the goals is increasing international flights.
The report notes that Bayer employs nearly 6,000 people here and that about a third of its ºüÀêÊÓƵ-based staff travel frequently, often to Germany where the company is based.
The report said Bayer has financially supported German air carrier Lufthansa’s nonstop service from Lambert to Frankfurt, Germany and that Bayer recently asked that nonstops be increased to five days a week from three days.
The report said Bayer also is interested in Lambert eventually beginning nonstop service to Sao Paulo, Brazil, to reach Bayer’s South American markets.
Bunge, the report said, has about 800 employees here and that about 200 regularly travel for business, sometimes to Europe, South America and Asia, while Bunge workers in other nations travel to North America.
The company has moved meetings to Miami, New York and Toronto because those cities have more direct international flights than Lambert.