PANYNJ posts 8.5 percent jump in freight traffic activity in June 2017
August 21, 2017: The Port Authority of NY & NJ (PANYNJ) administered airports see the region’s total cargo volume expand by 7 percent during the first six months of 2017, making it the strongest first half performance since 2010, when air cargo began its rebound from the Great Recession of 2008-2009.
The June 2017 8.5-percent leap in freight traffic activity represented the second-highest growth rate (after May 2017’s 12.1 percent) in the last 12 months.
International cargo, which accounts for approximately 64 percent of the region’s total cargo, led with an 8 percent surge. Domestic cargo traffic improved 5.2 percent.
By airport, YTD June cargo traffic at John F Kennedy (JFK) expanded by 6.7 percent, Newark Liberty International Airport (EWR) posted a 7.3 percent gain, LaGuardia Airport (LGA) registered a 2.5 percent decline, and Stewart International Airport (SWF) continued to lead our airports in growth rate with a 15.7 percent jump.
On the other hand, the region’s total passenger traffic set a new standard in the first six months of 2017, expanding 2.4 percent to an all-time January-through-June high of 63.582 million travelers.
Growth was driven by the international sector’s 3.6 percent gain. Airlines increased international seat capacity by 2 percent, leading to higher load factors. Domestic traffic grew 1.8 percent. Domestic seats rose 3.2 percent, resulting in lower load factors.
By airport, YTD June passenger traffic at EWR grew 7.2 percent, JFK edged up 1.4 percent, LGA was down 2.3 percent, and SWF jumped 13.2 percent.
“As noted in our previous quarterly report, though growth in 2017 Q1 was subdued by the leap year in February 2016 and some weakness in March, we expect passenger volume during the second half of 2017 will remain strong. Underlying travel demand remains strong due to increasing wealth effect, improvement in wages, optimistic job outlook in the US and a growing global economy. We are confident that our year-end total passenger traffic will set another record with growth of 2.7 percent.”
“Cargo traffic recorded an average growth rate of 5.9 percent from August 2016 to June 2017. Expected improvements in US and global economic growth indicate that cargo activity at our airports will likely exceed our predicted 1.1 percent growth rate for 2017,” concluded The Port Authority of NY & NJ (PANYNJ) through a statement.