Birmingham International Airport will generate an income of almost £1 billion a year by 2030 if the main runway is extended.
The amount is more than three times as great as last year's £272 million figure, according to research by the city council.
The number of jobs resulting from the expansion masterplan will bring total employment at the airport to about 19,000 jobs by 2030, compared with 10,500 today.
Under the masterplan BIA proposes to: n extend the main runway by 400 metres to allow non-stop flights to China, India and the American west coast n build a new terminal and control tower and extend existing terminals n increase car parking provision and build new hotels
Members of Birmingham's cabinet strongly welcomed BIA's proposals and are backing the runway extension application for planning permission which has been submitted to Solihull Council. If approved, the longer runway will cross a short section of the A45 which will be diverted into a tunnel.
Birmingham acting strategic director of regeneration Clive Dutton said an expanded airport was seen as a key element in the city's emergence as a major centre for business tourism.
Mr Dutton said research showed a third of Midlanders' air travel needs were currently met by airports in London and the South East because BIA could not offer a full range of flights. Runway expansion was in line with the Government White Paper on aviation which promoted the role of regional airports.
He added: "Strengthening Birmingham's international travel links is very important and echoes the White Paper's point about BIA meeting more of the region's air travel demand."
The ability to offer non-stop long-haul flights will enable many more people from the West Midlands to use BIA rather than flying from Manchester, Gatwick and Heathrow, according to Mr Dutton.
The resulting savings from passengers not using cars to travel to other airports will hit £520 million by 2030, the council said. Improved links to the faster-growing economies of the world could generate £6 billion for the West Midlands economy by 2030, it is claimed.
Under BIA's own growth forecasts, it is expected the airport will cater for up to 27 million passengers a year by 2030 compared with about nine million today.
A target has been set for more than a third of passengers to arrive at the airport by public transport and the airport company is lobbying for more train services to Birmingham International and Coleshill Parkway stations.
Efforts are also under way to secure extension of the Midland Metro tram route from Birmingham city centre to the airport and NEC and to widen the M42 in the vicinity of the airport.
The number of households affected by noise levels between 57 and 69 decibels is expected to rise from about 35,000 today to about 70,000 in 2030, but the airport masterplan commits to continuing to provide double glazing and sound insulation. The runway extension could be in place by 2012, with work on the new terminal three likely to begin in 2018.