Jan. 23, 2017 — In 2016 CVG achieved its best ranking in the 21-year history of the U.S. Department of Transportation airfare report, experienced its best passenger traffic volume since 2005, and achieved a record year for cargo volume in the airport’s 70-year history.
Airfares at CVG declined for the third consecutive year. In the latest DOT report for third quarter, 2016, CVG’s average fare declined 15 percent to $363 round-trip ranking CVG 44th among the top 100 U.S. domestic airports. Over the last two years, the average cost of travel to and from CVG has declined by $170 per passenger.
CVG also experienced its largest passenger growth since 2005. Total passenger traffic through CVG increased 7.1 percent over 2015, while local passengers increased 12.7 percent. This represents more than 675,000 new local passengers year-over-year.
December 2016 was the strongest month for cargo traffic in CVG’s history with 81,500 tons handled. For the first time in its history, CVG experienced annual cargo tonnage of 818,000 (1.6 billion pounds) and has now experienced double digit year-over-year growth in four of the last five years. Since 2011, cargo volume has increased more than 50 percent and CVG continues to be the fastest-growing cargo airport in North America. CVG is the eighth largest cargo airport in North America and 34th in the world.
“The growth we’re experiencing demonstrates our successful efforts at diversifying our carrier base with a strong mix of traditional and low-cost carriers and growing cargo operations,” said Candace McGraw, chief executive officer, CVG. “We’re pleased to see customers in the Tri-State region continue to embrace the added air-serve options and lower airfares.”
“We launched a new 5-year strategic plan in 2016, and I congratulate the entire CVG team on the tremendous success towards those important strategies,” said J. Michael Schlotman, CVG Board Chairman. “CVG’s strong financial profile is a testament to the airport operating like the business it is. Our mission statement says, ‘we want CVG to be the airport of choice to work for, fly from, and to do business with,’ and these results clearly indicate we are making great strides.”
Airport land development is another key strategy for CVG, which grew in 2016 with four new land development projects approved for completion in 2017. Wayfair Inc. opened a 900,000 square-foot distribution center on 52 acres of airport property, and DHL opened a new 50-acre aircraft apron expansion providing parking for 16 additional aircraft. A total of 184 acres of airport property will be leased resulting in new economic development activity for the region.
CVG leads the region with nonstop service to 55 destinations and more than 165 peak-day departures. In 2016, CVG added approximately 200,000 new low-cost carrier seats to its product offering and now offers low-cost carrier service to 27 nonstop destinations, including New York City (EWR), San Juan, Los Angeles and San Francisco.