Local governments own and operate most large US commercial airports. They have long considered air traffic development and airport expansions as essential tools to support regional economic growth. This literature review investigates the validity of this claim. Recent econometric studies estimated airports’ economic benefits, while geographers cautioned that airport expansions cannot trump macroeconomic trends. The burgeoning knowledge on the economic and environmental risks of airports and air service sheds critical light on airport-based economic development strategies. Planning scholarship should investigate airport planning practices, analyze the variations of airports’ economic effects between metropolitan areas, and measure the impacts of airport expansions.