2023 was a landmark year for Sarasota-Bradenton International Airport, as it experienced a record-breaking increase in passenger traffic, reflecting the region's growing appeal. The influx of travelers has had significant implications for the growing local economy and the luxury real estate market.
Statistical Highlights of Passenger Traffic
Sarasota-Bradenton International Airport reported an impressive growth in passenger numbers in 2023. The airport served over 4.3 million travelers. This was a 12% increase in travelers over 2022, which saw more than 3.64 million passengers that year. This surge in traffic is a testament to the airport's expanding influence and the attractiveness of Sarasota as a global travel destination.
“The record-breaking growth we have seen over the past five years has been phenomenal. For 2023 we recorded over 4.3 million passengers, a 215 percent increase over 2018 and 3 million more passengers than the 1.3 million passengers we had just five years ago,” Rick Piccolo, CEO, said. “The number of airlines and routes served at SRQ has also continued to grow over the last five years, expanding from six airlines to 11, and 12 nonstop destinations to 53.”
Month-by-month analysis shows consistent growth throughout the year, with peak months witnessing as much as a 25% increase in passenger volume compared to the same period in the previous year. These figures underscore the airport's capacity to cater to a growing number of travelers.
Economic and Real Estate Impact
The increase in passenger traffic has had a tangible impact on Sarasota's economy and the luxury real estate sector. The influx of visitors has led to a spike in demand for high-end properties, both for short-term rentals and permanent residences. This demand has contributed to an average property value increase of approximately 15% in the luxury real estate market.
The ripple effects of this growth extend to various sectors. Hospitality and retail businesses in the vicinity of the airport have reported a 30% increase in revenue, and the local job market has seen a 10% rise in employment opportunities, particularly in areas related to real estate, tourism, and customer service.
Future Outlook
In anticipation of continued growth, Sarasota-Bradenton International Airport has announced expansion plans, including terminal upgrades and increased flight capacity. These developments are projected to further enhance the airport's ability to accommodate rising passenger numbers, which are expected to grow by an additional 10-15% in the coming years.
“For 2024, we anticipate continued growth as future airline schedules reveal increased seats inbound and outbound at SRQ,” Piccolo said. “By December, we expect construction to be complete on the new (five)-gate terminal which is scheduled to open to the public in January 2025. The new (five)-gate terminal will not only alleviate congestion in Concourse B, but also allow the airlines serving SRQ to expand their flight offerings and introduce new destinations.”
The continuous growth in passenger traffic in 2023 not only highlights the area's desirability but also signifies the positive trajectory of the luxury real estate market.
