Kamloops airport is indeed an Economic Engine!
For all my accountant and engineer readers, here are some numbers that might make you drool in excitement: As of 2013 there is
– 610 jobs at YKA
– $27M/yr in wages
– 250 more spinoff jobs in food/accommodations
– the airport contributes $38.9M to Kamloops GDP
Kamloops’ Fulton Field turned 75 in 2014, and has recently undergone some major expansion.
The runway was extended, and the terminal was expanded in 2009 to the tune of $25M.
This year is shaping up to a record breaking 300,000 people traveling through Kamloops airport. Already travel numbers are up 9% over last year. (Source)
The increased passenger traffic has resulted in the the following updates:
– a competitor to the Shell station is currently under construction to service increased charter and corporate travellers(private planes)
– 80 new parking stalls with 100 more in the next couple years
– over $200,000 will be spent upgrading the bathrooms this year because
This article cites the cause of growth to increased tourism and out of town workers. Many passengers are northern/Albertan oil and gas workers living in Kamloops with their families, commuting through the airport for the rotating 21days of work and 7 days off.
Three of my tenants are in this exact situation, they are paying higher than market rents(not price sensitive) and very easy to please.
Since Kamloops is such a great place to live for families, this situation makes sense to these hard working folks. The family gets to live it up in the great weather with lots to do while dad is away at work, and days off are like going away on holidays!
Although the oil and gas segment of tenants is the minority in Kamloops, they do drive up the rental market and help with some amazing cashflow!
Kamloops own industries are diverse and robust. The added demand for housing from outside forces such as oil and gas commuters builds the already rising pressure on the price of rents and housing.
This is great news for owners like me and other real estate investors in the Kamloops market!
If you have any questions for me about my blog or Kamloops, please comment below!!
Until next time,