FAA: Travel demand in 2016 grew at fastest pace since 2005 despite modest economic growth

US Federal Aviation Administration (FAA) released (21-Mar-2017) its annual aerospace forecast report fiscal years 2017 to 2037, finding travel demand in 2016 grew at the fastest pace since 2005, despite modest economic growth. The agency said system revenue passenger miles (RPMs) increased 4.3% year-on-year in 2016, with domestic RPMs increasing 5.5% and international RPMs increasing 1.5%. Falling oil prices and rapid expansion by ULCCs such as Spirit and Allegiant led to a 4.7% year-on-year decline in domestic yields in 2016, while international yield fell 9.0%, impacted by weak demand and currency fluctuations. [more - original PR]