The journey to economic recovery
As we enter recovery from the COVID-19 pandemic, your airport will play an important role in growing local economies.
Airports have always been powerful economic engines for local communities, and play an important role in driving our economic recovery into the future.
Collectively, U.S. airports support more than 11.5 million jobs and account for $1.4 trillion in economic activity – or more than seven percent of the total U.S. GDP. Canadian airports support 405,000 jobs and contribute C$35 billion to Canada’s GDP.
Even with the most conservative estimates, North American airports are facing an incredible loss. Passenger traffic volume at U.S. commercial airports is estimated to decrease by approximately 85 percent in the 2nd quarter of 2020, which translates to about a 56 percent decrease in the first half of 2020 and 44 percent for the full year, compared to forecasted 2020 levels without COVID-19.
Passenger traffic volume at Canadian commercial airports is estimated to decrease by approximately 80 percent in the April to June period, which translates to up to 44 percent decline for the full year compared to forecasted 2020 levels without COVID-19.
From an economic perspective, the abrupt decline in air travel resulting from this outbreak will cost U.S. airports at least USD$23 billion and Canadian airports at least CAD$2 billion, and possibly more if people continue to cancel their travel plans. As such, airports are eager for travel to resume as soon as it is safe to ensure the continuity of operations and essential capital improvement projects.