Toronto airport traffic saw huge rebound in 2022 and the numbers are staggering
Toronto Pearson International Airport had quite the comeback in 2022, with air passenger traffic jumping by a staggering 180.8%, and an increase in generated net income of $422.7 million.
The Greater Toronto Airports Authority (“GTAA”) just reported its financial and operating results for 2022, finding passenger traffic rose by 22.9 million to 35.6 million in 2022 compared to 2021.
As anticipated, the number of travellers passing through Pearson increased, amid the easing of COVID-related travel restrictions; however, the president and CEO of the GTAA, Deborah Flint, is calling for the federal government’s help, as Pearson Airport, in particular, has struggled to keep up with the demand.
Pearson Airport chaos now has passengers waiting in lines for longer than their flights https://t.co/zkZ4khkK9J #Toronto #PearsonAirport
— blogTO (@blogTO) July 12, 2022
“With passenger traffic growing strongly over the fourth quarter of 2022, industry must continue to focus on post-pandemic recovery with the aim of providing the stellar passenger experience that Canadians want and deserve,” said Flint in the press release.
“The GTAA is investing to create the airport of the future, but we call for the federal government to continue investing in modernized infrastructure.”
Things at Toronto’s Pearson Airport are actually getting better and people are noticing https://t.co/ytmFDZtclh #Toronto #TorontoPearsonAirport
— blogTO (@blogTO) August 30, 2022
Flint suggests that by allowing Canadian airports to reinvest the rent they pay, progress would be accelerated.
“Doing so would bring about an aviation system that is globally competitive and on the leading edge of passenger service, benefiting not only travellers but all Canadians by virtue of the strong economic contribution that airports make to their communities, provinces and country.”
For the first fiscal year since 2019, the GTAA generated net income in 2022, increasing by $422.7 million to $72.3 million. While they state the extent of the pandemic’s financial impact continues to be analyzed, they believe a full recovery will be achieved in the long term.
Compared to 2019, passenger and flight activity is still lower than it was, but it’s on the rise. During 2022, traffic was 70.5% of what it was in 2019, according to the report, but 78.9% during the fourth quarter of the year.
With those numbers only expected to increase for 2023 and beyond, Toronto Pearson has its work cut out for it if it is to regain the confidence of Canadian travellers if it hopes to become the “airport of the future” the GTAA is striving for.