The financial resilience of US airports

Christopher A. Poinsatte
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Christopher A. Poinsatte: Dallas Fort Worth International Airport, USA

Journal of Airport Management, 2025, vol. 19, issue 4, 310-327

Abstract: The US airport industry is one of the most financially resilient sectors in the world. No governmentowned airport in the US has ever filed for bankruptcy or defaulted on its bonds. In fact, US airports have remained financially resilient despite airline bankruptcies, airline dehubbing at airports, the 9/11 terrorist attack that shut down the US airport industry for several days, recessions including the Great Recession of 2008–9; and most recently, the COVID-19 pandemic that reduced passenger traffic by over 90 per cent at US airports for an extended period. This paper explores the five primary reasons for this financial resilience: the US airport legal structure, the essentiality of airports (and airlines), airline actions during bankruptcy, airports’ financial strength and airport management. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Keywords: financial resilience; use and lease agreement; bond indentures; FAA regulations; essentiality; bankruptcy (search for similar items in EconPapers)
JEL-codes: M1 M10 R4 R40 (search for similar items in EconPapers)
Date: 2025
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