The year 2010 is turning out to be much better than expected for world airports as passenger traffic is gauged to increase 6% increase and freight volumes more than 15% from 2009 levels.
Gross domestic product (GDP) for many nations expanded robustly and unemployment did not worsen the economic situation, says Angela Gittens, director of the Airports Council International (ACI). Demand for premium travel has returned, and consumer business confidence is rated as positive, according to the ACI Airport Economics Survey for 2010. Survey information is based on reports from 646 airports that handled an aggregate 3.23 billion passengers or 67.5% of worldwide traffic in 2009.
Capital expenditures for 2010 are expected to rise 11% to $38.5 billion, which compares with a weakened 2009, when such expenditures fell 20% to $34.6 billion. The 2009 figures do not reflect expenditures for new airports or the building costs in the Middle East and China, where significant amounts of capital are being invested.
The report focuses on the final tabulation of 2009 revenues, costs and expenditures based on an extrapolation from survey results. Total airport revenues in 2009 reached $95 billion, a 2% decline from 2008. The global industry generated $51 billion in 2009 aeronautical revenues, a 2.5% drop from 2008. Non-aeronautical revenues fell 1.5%.
However, revenues from commercial outlets rose 3% in 2009, driven by a 2% increase in retail sales, 10% in real estate, 9% in rental car concessions, and 7% from food and beverages. The diversification of airport revenues “cushioned the impact of lower passenger and freight volumes,” Gittens said.
Operating revenues in 2009 incurred $57 billion in operating expenses. Personnel costs represented the largest expense, 39.5%. Based on two years of data, ACI has revised its calculation of global airport industry debt upwards from $240 billion to $280 billion. The debt is three times higher than annual industry revenues.
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