New Economic Study Reveals $6.3 Billion Contribution to New York/New Jersey Region by Continental Airlines
November 05 2009 - 10:30AM
PR Newswire (US)
Airline's operations contribute an estimated 110,000 jobs and more
than $5.9 billion in personal income for New York and New Jersey
residents; Continental's contributions to the New York and New
Jersey region are expected to nearly double by 2030 NEW YORK, Nov.
5 /PRNewswire-FirstCall/ -- Continental Airlines (NYSE: CAL) today
released an economic impact study by NERA Economic Consulting
(NERA) describing the airline's impact on the New York/New Jersey
region coinciding with Continental's 30th anniversary of service to
the area and its recent entry to Star Alliance. The study showed
that in 2008, Continental's operations contributed more than $6.3
billion in gross regional product to the region and an estimated
110,000 jobs amounting to more than $5.9 billion in personal
income. As the leading carrier in New York, Continental offers more
seats and serves more nonstop destinations from the New York area
than any other carrier. The report estimated that of the 110,000
jobs currently being contributed by Continental to the region,
approximately 30 percent are in New York City, 12 percent in the
rest of New York state, 31 percent in the Newark region and 27
percent in the rest of New Jersey. "As significant as these results
are, this study does not measure the full economic impact of
Continental's presence," said project director and senior vice
president of NERA, Dr. David Harrison, Jr. "While the study
measures aviation employment and passenger expenditures, including
multiplier effects, it does not include other important aspects of
Continental operations on the community. It is clear from the data
that Continental's presence makes the New York/New Jersey region a
more attractive region for businesses to relocate or expand their
operations due to the reduction in the cost of doing business
associated with access to air travel." Even excluding those
substantial effects, the NERA analysis estimated that by 2030,
Continental's contribution would account for $11 billion in
personal income and $12 billion in gross regional product, nearly
double Continental's contribution in 2008. "On behalf of my more
than 41,000 co-workers, we are pleased that Continental is making
such a meaningful contribution in one of the most important regions
for our company and our country," said Larry Kellner, Continental
chairman and chief executive officer. "As the first member of the
Star Alliance with a major hub in the New York City area,
Continental will be connecting the region with 24 other carriers in
a global alliance that offers more than 18,900 flights a day to 983
cities in 169 countries." Continental commissioned NERA Economic
Consulting (NERA) to conduct the study. NERA, one of the foremost
global economic research organizations with extensive experience in
transportation and regional economics, used a state-of-the-art
computer model tailored to the local economy, as well as extensive
data from Continental and outside sources, to develop an assessment
of the airline's current and future economic impacts on the New
York/New Jersey region. The assessment includes the direct
contributions made by Continental employees and passengers as well
as the multiplier effects of increased spending on the regional
economy. The study was performed by NERA, which has more than 600
staff members in eleven offices in North America as well as
fourteen overseas offices. The result is one of the most complete
and detailed studies ever completed concerning the contribution of
an airline's operations to a regional economy. To view a full copy
the NERA report, click here. Background As of March 2009,
Continental and its regional partners served 146 nonstop
destinations with 412 flights per day from Newark Liberty
International Airport, making Continental Airlines the largest
airline at the airport by both metrics. Together with its regional
partners, Continental transported 70 percent of all revenue
passengers at Newark in 2008. Continental also handled more than
120,000 tons of revenue freight at Newark in 2008, making it the
largest freight handler among the airport's passenger airlines.
Continental has significant, though much smaller, operations at
LaGuardia Airport (LaGuardia), where it ranked among the fifteen
largest carriers (by passenger count) in 2008. From LaGuardia,
Continental and its partners operated 16 flights per day as of
March 2009. Continental's New York hub at Newark Liberty
International Airport serves as a gateway to Continental's
international route system to Europe, Asia and Latin America.
Continental's hub at Newark Liberty currently provides daily or
near-daily nonstop service to 26 European destinations, seven
Canadian cities, eight Central American/Caribbean destinations,
four cities in Mexico, plus Bogota, Sao Paulo, Beijing, Delhi, Hong
Kong, Mumbai, Shanghai and Tokyo. Continental's Newark Liberty
service represents the only scheduled nonstop service from the New
York City area to several important domestic and international
destinations. Continental supplements its extensive Liberty
operations with frequent nonstop service from LaGuardia to the
airline's hubs in Houston and Cleveland. Continental Airlines is
the world's fifth largest airline. Continental, together with
Continental Express and Continental Connection, has more than 2,400
daily departures throughout the Americas, Europe and Asia, serving
130 domestic and 132 international destinations. Continental is a
member of Star Alliance, which provides access to more than 900
additional points in 169 countries via 24 other member airlines.
With more than 41,000 employees, Continental has hubs serving New
York, Houston, Cleveland and Guam, and together with its regional
partners, carries approximately 63 million passengers per year.
Celebrating its 75th anniversary this year, Continental
consistently earns awards and critical acclaim for both its
operation and its corporate culture. For the sixth consecutive
year, FORTUNE magazine named Continental the No. 1 World's Most
Admired Airline on its 2009 list of World's Most Admired Companies.
For more company information, go to continental.com. DATASOURCE:
Continental Airlines CONTACT: Corporate Communications of
Continental Airlines, +1-713-324-5080, Web Site:
http://www.continental.com/ http://www.continental.com/company/news
Copyright