Region of Waterloo International Airport (YKF) propels economic growth

Economic impact has increased by 251 per cent since 2015*

Waterloo Region – A new economic impact study confirms that the Region of Waterloo International Airport is a vital economic engine for Waterloo Region and beyond. Prepared by InterVISTAS, the study examined the economic impact generated by the airport’s operations and associated activities in 2023. The report measured the economic impact generated by YKF airport and airport related businesses (direct), supplying and supporting industries (indirect) and employee spending in the economy (induced).

Key findings of the report show that YKFs total 2023 annual operations generated:

• $390 million in total economic output
• 1,360 jobs and $100 million in wages, including 660 jobs at YKF
• $170 million in Gross Domestic Product (GDP)
• $28 million in tax revenue (local, provincial and federal)

"This study confirms the importance of YKF as a key economic driver of local and regional employment, tourism, trade, and economic growth," said Colleen James, Chair of the Sustainability, Infrastructure and Development Committee and Regional Councillor. "Our continued investment in YKF and our local aviation and aerospace sector helps our community attract more investment, create jobs, stimulate local businesses and support the country’s manufacturing supply chain - all of which are more critical than ever.”

YKF is home to 44 businesses in various aviation related businesses, including air carriers, flight operations, government, manufacturing, ground transportation, construction and food and retail.  The largest airline partner, Flair Airlines directly employs flight attendants, pilots, and mechanics, and indirectly employs passenger agents and baggage handlers.

Given the labour shortages affecting the aviation industry, the value of supporting the development of aviation professionals is top of mind. Nearly 20 per cent of total commercial pilot licenses in Canada are graduates of the Waterloo Wellington Flight Centre at YKF.

To read the full YKF 2023 Economic Impact Study and learn how the airport helps fuel Waterloo Region’s economy, visit www.waterlooairport.ca/YKFImpact2023.

* $90 million in total economic output in 2015 dollars, inflation-adjusted to 2023 is equivalent to $111 million in total economic output. The change between $111 million and $390 million (2023) is 251 per cent.

Additional quotes:

"Flair Airlines is proud to support YKF's vision of becoming a true low-cost gateway for the entire Greater Toronto Area. As the leading airline at YKF, we have played a key role in its extraordinary economic growth. This report underscores the critical importance of air connectivity to Waterloo Region—connectivity that Flair has been instrumental in providing. Through expanded international routes and affordable travel options, we are driving economic benefits for local businesses and communities. We look forward to strengthening our partnership with YKF and continuing to grow together in the years ahead."

- Maciej Wilk, Flair Airlines Interim Chief Executive Officer

“As Canada’s top provider of private jet services, we are thrilled to participate in the growth of the Region’s aviation sector. Since establishing our YKF base in 2015, we have doubled the footprint of our operations to keep pace with rising demand for enhanced facilities outside the Greater Toronto Area. The combination of YKF’s accessibility, infrastructure, and strong community support makes it a great fit for our leading-edge facility.”  

- Adam Keller, President of Chartright Air Group

“As one of Canada’s largest professional flight schools, employing 110 people, we play an important role in the economic growth at YKF. Our new Flight SIM Centre and Innovation Hub represents the evolution of flight training with a focus on environmental sustainability. Together with the Waterloo Institute for Sustainable Aeronautics, we are changing the trajectory of the aviation industry. The support and infrastructure at YKF play an integral role in facilitating the education of pilots and sustainable aeronautical research.”

- Bob Connors, General Manager of the Waterloo Wellington Flight Centre

The Region of Waterloo International Airport (YKF) is one of Canada’s fastest-growing airports, providing a full-service facility that supports commercial, corporate and general aviation. YKFs summer schedule includes air service to Abbotsford, Calgary, Edmonton, Halifax and Vancouver provided by Flair and WestJet. Plus, Air Canada’s Landline service to Toronto connects to 140+ destinations worldwide. Winter air service to sun destinations is provided by Flair and Sunwing. YKF is owned and operated by the Regional Municipality of Waterloo, Ontario (Canada). For more information visit waterlooairport.ca.