New Study Says Completion Of O’Hare Airport Renovation Could Generate Billions for Chicago Economy

07.05.2024 - 18:50 / travelpulse.com / North America / Rich Thomaselli

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.

“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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