Miami International Airport (MIA) started 2024 with its fastest pace ever for passenger growth, serving 1.5 million more travelers in the first quarter than its previous record set in the same period last year, according to audited statistics recently released by the Miami-Dade Aviation Department. In the first three months of 2024, MIA welcomed 14.9 million passengers, which was a massive 11.6 percent increase from 13.3 million travelers over the same period last year. International travel led the way with a 12 percent jump to 6.5 million passengers, while domestic travel grew 11.3 percent to 8.3 million passengers.
MIA’s impressive growth and financial stability earned its revenue bonds an upgrade to ‘A+’ from ‘A’ by Standard and Poor’s (S&P) in the bond rating agency’s recent report on April 22. Last year, Fitch Ratings also increased MIA’s bonds to an A+ rating.
S&P’s upgrade is more evidence that MIA is one of the fastest-growing and best-managed airports in the country. The improved rating also demonstrates that MIA’s ongoing improvements are making a strong impression on industry experts, which is fantastic news for our residents and our local business community.
Miami-Dade County Mayor Daniella Levine Cava.
According to S&P credit analysts in the April 22 report, “The rating reflects our view of MIA's emergence as a large hub that is outperforming peers, leading to an improvement in the market position to extremely strong from very strong. In addition, our positive holistic analysis reflects our view of the airport's financial resiliency and stability through multiple economic cycles and captures MIA's operational strengths relative to those of large hub peers. MIA's trends (when compared with 2019 demand) are the strongest among the top 10 large hub airports, according to Federal Aviation Administration statistics. In addition, MIA exceeds our national median activity estimates, which show airport enplanements falling short of 110% of 2019 demand until 2026.”
The S&P report also gave high marks for MDAD’s management of MIA’s capital improvement program, noting that MDAD has “Very strong management and governance, as is evident in an experienced, proactive, and effective management team” and, “We believe the enplanement trajectory will support the significant capital plan and sustain the financial position consistent with the 'A+' rating.”
The airport’s M.I.A. Plan is implementing $1.7 billion in maintenance upgrades, including replacing or renovating all 616 elevators, escalators, and moving walkways at MIA in need of an upgrade. MIA is also making an unprecedented investment of more than $7 billion in its Future-Ready Capital Improvement Program.
MIA entered World Trade Month on a record pace for cargo growth as well, handling 5% more freight in the first quarter of 2024 than in the same period last year. Through March, the cargo gateway handled 715,780 tons of freight compared to 681,734 tons during last year’s first quarter. International freight grew by 7.6 percent to 599,627 tons, while domestic freight dipped by 6.7 percent to 116,153 compared to last year. MIA handled a record 2.78 million tons of cargo in 2023, making it the 3rd busiest airport in the U.S. and 6th busiest in the world for total cargo.
Miami International Airport, America’s busiest airport for international freight and the second busiest for international passengers, is receiving an unprecedented investment of $7 billion in capital improvements and $1.7 billion in maintenance upgrades. MIA offers more flights to Latin America and the Caribbean than any other U.S. airport and is also the leading economic engine for Miami-Dade County and the state of Florida, generating business revenue of $31.9 billion and approximately 60 percent of all international visitors to Florida annually.
To request materials in accessible format, Sign Language Interpreters, CART services and/or any accommodation to participate in any Miami-Dade Aviation Department (MDAD) public meetings and events please email the ADA Office at ADAcoordinator@miami-airport.com or call the office in 305-876-7747 five days in advance to initiate your request. Persons who are deaf or hard of hearing may also call 711 (Florida Relay Service).
URL : https://news.miami-airport.com/mia-starts-2024-with-record-growth-and-an-a-bond-rating/
Fairbanks International Airport Baggage Transport Conveyor Enhanced With Mod Drive™ System
Airports face a host of unique industry challenges, such as meeting efficiency regulations and seeking out the best maintenance practices to reduce costs and keep operations flowing. In today’s current economic climate, any potential cost savings can go a long way.
In 2019, Alaska’s Fairbanks International Airport (FAI) sought to modernize its equipment and operations. They were dissatisfied with the performance of the gearmotors on their baggage transport conveyors and began searching for new suppliers. Regal approached FAI with a solution that could improve equipment performance and simplify maintenance, with the added benefit of energy cost savings: the Hub City® MOD Drive™ system.
This white paper discusses the hardware deployed, the test results and the annualized expectations for ROI.