TORONTO, Ont. – As the tunnel boring machines get ready to start digging between the Billy Bishop Airport and the mainland, a new economic impact study is bragging about the value of the island airport to the GTA’s economy.

The airport generates $1.9-billion annually in economic output while employing 5,700 people; including 1,700 jobs directly associated with the airport, according to the report issued on Friday by the Toronto Port Authority and Board of Trade.

“Billy Bishop Airport is making a significant contribution to the people of the Greater Toronto Area, not only in terms of jobs and economic impact, but also by making it easier for them to travel for business and pleasure,” said the Hon. Jim Flaherty, Minister of Finance and Minister Responsible for the Greater Toronto Area. “Our government has supported the airport’s growth and development from the beginning, and I am pleased to see the positive impact it is having.”

Toronto Port Authority CEO and President Geoffrey Wilson said that the airport at the foot of Bathurst Street has seen double-digit passenger growth and become essential in the growth of trade and tourism for Toronto.

Porter Airlines began operating out of Billy Bishop since 2006 and Air Canada resumed service last year.

Billy Bishop is the ninth busiest airport in Canada.

Porter Airlines first took flight there in 2006 and Air Canada resumed service last year.

The underwater pedestrian tunnel is expected to be finished in the spring of 2014.