Economic study finds PSP net $2.5 billion to regional economy in 2024
PALM SPRINGS, Calif. (KESQ) - An economic study commissioned by the Palm Springs International Airport revealed it generated $2.5 billion into the region's economy and supported 18,377 jobs during the 2024 fiscal year.
"As we plan for the Coachella Valley's future, this report makes it clear that PSP is a cornerstone of long-term economic growth,'' Mayor Ron deHarte said in a statement. "It's not just about travel -- it's about jobs, investment and opportunity."
Additional figures revealed that workers earned $864 million in income as a result of the airport and that travelers who passed through the it spent $1.1 billion.
The study confirms three primary sources were used to determined the airport's economic impact, including operations, capital outlays and visitor spending.
Airport operations, includes commercial airline services, aviation, air cargo, car rentals, terminal concessions and federal government employment, which has employed 7,223 people.
Capital expenditures in construction projects and routing maintenance did not significantly add monetary value, as PSP did not undergo much improvements last year.
"Visitor spending emerged as the primary economic driver,'' according to the report. It comprises of food services, arts, entertainment, recreation and accommodation. Guests have spent over a billion dollars, as this industry sector is considered the most sought-after, the report finds.
"This study demonstrates how deeply PSP is woven into the economic fabric of our community,'' Executive Director Harry Barrett Jr. said in a statement.
The report also details future plans at PSP over the next decade, including a new concourse, a Federal Inspection Station to expand international air service and a rental car center.
The Palm Springs City Council approved of a Master Plan earlier this year, which will take at least a decade to imiplement, which aims to expand services, including new gates and expanded baggage claim. Projections suggest the result could be the creation of more than 9,000 jobs, an additional of $641 million in labor income and over a $1 billion added to the total economic output.
