Airport Experience® News - Food & Beverage Issue 2024

DATA CHECK

AIR TRAFFIC REBOUND Fitch Data Shows 100% Recovery Across Portfolio Airports

BY CAROL WARD

Airport Traf c Performance Relative to 2019.

200%

150%

100%

50%

0% 2019 Traf c = 100%

MYR MDW MIA DEN ELP LAS MCO BOI DFW SAT TPA RIC RSW CLT DCA LGA DAL EWR JFK RDU IAD BHM IAH SAN BUF BOS ATL SEA STL HAW FLL SFO MSP ORD PHL LAX DTW SJC

Airport

100% + recovery to 2019 levels 75-99% recovery to 2019 levels

Below 75% recovery to 2019 levels

Source: Fitch Ratings Inc.

t happened sooner than many prognosticators forecast just three years ago. For U.S. airports as a group, recovery from the 2020 pandemic is largely complete, although several remain shy of 2019 traffic levels. Average airport traffic recovery across the Fitch Traffic Monitor portfolio ended 2023 at 101% of calendar year 2019 levels, as 3Q2023 and 4Q2023 performance remained strong, according to ratings agency Fitch. Of course, exceeding 2019 levels is good progress, but most airports are still shy of the traffic levels that, in 2019, were forecast for 2023 and beyond. Approximately 60% of the airports ended 2023 with annual traffic volumes above their pre-pandemic levels. Myrtle Beach International Airport (MRY) had the most robust performance during the period, ending last year with traffic at 143% of 2019 levels. I

Other top performers included Midway (MDW), Miami International Airport (MIA), Denver International Airport (DEN) and El Paso International Airport (ELP). In total, 23 of airports in the Fitch Traffic Monitor portfolio. Another 14 airports came in at 75-99% recovery to 1019 levels while one airport, San Jose International Airport (SJC) Fitch said secondary hubs such as Detroit Metropolitan International Airport (DTW) and Philadelphia International Airport (PHL) and West Coast large-hub airports are still more than 10% below 2019 passenger levels. While San Francisco International Airport (SFO) and Los Angeles International Airport (LAX) demonstrated positive growth since 1Q2023, lagging Asia-US volume recovery and outmigration trends have delayed their full recovery, Fitch said. Traffic at all airports ended 2023 at more than 85% of 2019 levels, except for SJC, which is reliant on the regional market that is still recovering from the impact of COVID-19 and is similarly dealing with population losses.

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AX NEWS JUNE 2024