Puerto Vallarta (PVDN) – Mexico’s airport operating business is experiencing a surge in traffic, thanks to multinational companies relocating their operations closer to home and the growth of Mexican airlines. The CEO of GAP, which operates 12 airports in Mexico, believes the trend known as nearshoring has contributed to record traffic growth in manufacturing hubs such as Guadalajara. However, he also attributed the growth to Mexican airlines such as VivaAerobus, Volaris, and Aeromexico expanding their fleets, allowing them to open new routes and move more passengers.
As a result, airport operators such as GAP have seen their shares rise significantly. GAP’s shares are up nearly 26% year-to-date, while competitors OMA and ASUR have seen shares rise almost 35% and 20%, respectively. The firm plans to spend around 10 billion pesos ($554.90 million) in 2023 on projects such as a second terminal at Guadalajara’s airport and an additional runway at Puerto Vallarta.
The demand for air travel from Mexico’s northern neighbors is also expected to continue. Nearly two-thirds of the 39.4 million international travelers expected to visit Mexico in 2023 are forecast to be from the U.S. and Canada, according to Tourism Minister Miguel Torruco.
In addition, the CEO of GAP predicted that Mexico’s aviation safety rating, which was downgraded to Category 2 by the Federal Aviation Administration (FAA) nearly two years ago, will return to Category 1 later this year. The downgrade has prevented Mexican airlines from opening new routes to the United States, limiting expansion plans. However, the passage of a proposed aviation reform by Mexico’s Congress is expected to be an important step in returning the country’s aviation safety rating to Category 1.
Overall, the airport operating business in Mexico is thriving, and the growth in traffic is likely to continue in the coming years. This is due to a combination of factors, including nearshoring, the expansion of Mexican airlines, and the continued demand from Mexico’s northern neighbors. As a result, airport operators are investing heavily in new projects, which bodes well for the country’s aviation industry.
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