Full Recovery of US Aviation Industry Expected in 2024

Full Recovery of US Aviation Industry Expected in 2024
Full Recovery of US Aviation Industry Expected in 2024
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Written by Harry Johnson

Aviation sector is providing employment for over 1.1 million individuals and generating an annual economic impact of over $246 billion.

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The Airports Council International (ACI) forecasts that the aviation sector will make a complete recovery from the impact of COVID-19 by 2024, with an estimated 9.4 billion passengers expected to travel.

A report published by the International Air Transport Association (IATA) earlier this year suggests that air travel demand is projected to double by 2040, growing at an average annual rate of 3.4%. This displays remarkable resilience within an industry that came to a near standstill during the pandemic.

North America has shown a robust recovery thus far. According to IATA’s June 2023 report titled ‘Global Outlook for Air Transport’, the region stands out for its strong financial performance. It was the first market to become profitable again in 2022. Given the high demand for air travel, it is anticipated that by the end of 2023, North America will further enhance its financial performance with an estimated net profit of US$11.5 billion.

In 2024, an economic study by the National Association of State Aviation Officials (NASAO), the Alliance for Aviation Across America (AAAA), and the American Association of State and Highway Transportation Officials (AASHTO) was published. According to the study, the aviation sector significantly contributes to the US economy, providing employment for over 1.1 million individuals and generating an annual economic impact of over $246 billion.

There are more than 4,800 public airports, 3,383 fixed-base operators, 4,144 repair stations, over 2,200 charter companies and 643 flight training operations.

Airports Council International (ACI) is an organization of airport authorities aimed at uniting industry practices for airport standards. Established in 1991, its headquarters (ACI World) are based in Montreal, Quebec, Canada, and its members operate nearly 2000 airports.

Major programs include safety enhancement (APEX) and Airport Service Quality Awards (ASQ), based on passenger satisfaction ratings. Other initiatives cover economics, operational security, carbon accreditation, and passenger transportation. Next Experience in Travel and Technologies (NEXTT) coordinates the movement of passengers, cargo, baggage, and aircraft by using processing technology and interactive decision-making.

The International Air Transport Association (IATA) is a trade association of the world’s airlines founded in 1945. IATA has been described as a cartel since, in addition to setting technical standards for airlines, IATA also organized tariff conferences that served as a forum for price fixing.

About the author

Avatar of Harry Johnson

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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