How the economy affects CAK
Posted on 07/14/2009
When will this recession end? I’d really like to know and I bet you would too. Unfortunately, it doesn’t look like it will end any time soon. Ohio has been especially hard hit by the down economy. We have a high concentration of auto related industry in our region, and the aftershock of both Chrysler and GM bankruptcies are still jolting our economy. It’s not all bad though. A recent Team NEO study measuring Scientific and Technical Services growth was very encouraging for our region. Over the past 15 years, the study calculated a near 80% increase in investment. That’s good news! The region needs these types of R/D investments to pull out of the economic doldrums now rocking the country.
Airlines (and therefore airports) are struggling right now as well. Ticket demand, particularly business and international traffic, is way down compared to last year. Many experts believe that there are still too many seats being offered in the US market, even with the dramatic cuts made by airlines in the later half of 2008 and throughout 2009. USA Today offers a great mapping feature to see real time reductions in airline seat capacity. More cuts are on the way too.
So, how is CAK faring in all this turmoil? So far, so good. Our passenger figures are up 1.3% for the first half of 2009 compared to the same period last year. That means that our cash flow is relatively stable and we don’t have to make any dramatic cuts to our people, capital plans or other investments. We’ve had a couple of air service wins too- a new flight to DC aboard US Airways and AirTran Airways is commencing new flights to Ft. Lauderdale later this year. We are luckier than most. We may not post another record year in 2009, but I think we’ll be close to even and in this economy, that is a really good story.
Comments
add a comment | Retweet this | Read More BlogsBob: (www.wolsteincenter.com) 07/23/2009 04:32 PM
CAK's success through this economic climate is nothing short of incredible, and is a true reflection of Kristie and her teams hard work.
We couldn't be more proud to be partners with CAK!
On a side note, my grandmother (who is 90) flew out of CAK this past weekend for the first time. Both her and my Aunt couldn't stop talking about how accommodating and nice CAK's amenities are.
Kristie: 07/20/2009 02:06 PM
Hey YNGair!
Thanks for the compliment. We will miss our good friend, Steve Bowser. He as provided excellent leadership at YNG. He\'ll be missed. Best of luck with the new director search!
YNGAir.com: (http://yngair.com) 07/20/2009 02:06 PM
The Airport Director at the Youngstown-Warren Regional Airport is resigning and moving to California. Would any of the fabulous administrators at CAK like to come up here and take on a new challenge and make YNG a viable airport once again!?
Miracles do happen, and CAK is a perfect example of it!
Rachel: 07/20/2009 02:03 PM
Don't get me wrong, I have flown CAK (mostly on business) and I LOVE the airport, but lately it seems the prices are higher. Recently I've flown to LA and Fort Lauderdale and flew out of Cleveland because of price. I'm planning a trip to San Juan, Puerto Rico from December 10 - 14 for 2 adults and 1 lap baby. From CAK it's about $951 but from CLE (through cheaptickets.com) it's around $650. I will ALWAYS check both airports because like I said, I would MUCH rather fly out of CAK!!! Thanks!
Kristie: 07/15/2009 10:56 AM
Hi Rachel!
I am suprised that you usually find better fares from CLE. We have the lowest average fare of any airport in Ohio (for more than a decade now).
There is no question that you can get good deals from Both airports. Thanks for checking both every time you fly!
Where do you usually fly to? The destination can often influence price too.
Rachel: 07/15/2009 10:52 AM
Why is it that CAK always says they have lower fares than CLE, and I ALWAYS end up flying out of CLE because they are significantly less expensive? This has been true when flying to Florida, California, Puerto Rico ... it does not seem to matter! I live 10 minutes away from CAK and would love to utilize the airport, but in this economy, I sacrifice a little convenience for the best price.
kelly: 07/15/2009 10:52 AM
I think it is the best airport around and that is what makes us succeed in this harsh economy. From the art on the nice clean walls to the short lines, CAK is so accommodating when you have to fly. When people come through you can hear them say \"I love this airport\"!
