The Greater Toronto Airports Authority has reported positive results for 2016, with passenger activity up 8.0% and net income higher by 29.7%. The 8% pax growth was the highest figure in a decade.
The GTAA says the growth stems from several factors -- increased capacity of aircraft and new routes, the economic strength of the Greater Toronto Region, and the role of YYZ as Canada’s largest airport and North America's second busiest airport in terms of international pax.
"Toronto Pearson's total passenger traffic for 2016 increased well ahead of worldwide trends," said GTAA President and CEO Howard Eng.
"This strong performance is indicative not only of the airport's increasingly vital role as a connector of people and goods, but also of the vibrancy of the region in which we operate. The Greater Toronto Area is a world-class centre for travel, commerce and culture; our planning and investments, particularly around the airport and regional transit, must reflect this reality."
A total of 44.3 million pax travelled through Toronto Pearson International Airport during 2016, an increase of 3.3 million over 2015. During 2016, passenger activity in the international sector increased by 2.2 million passengers reflecting 8.8% growth, while the domestic sector increased by 1.1 million pax, 6.9% more than in 2015.
The GTAA recorded net income of $85.5 million during 2016 compared to $65.9 million in 2015.