The logo of the Grupo Aeroportuario del Pacifico GAP of Mexico is shown on a screen at the Miguel Hidalgo y Costilla International Airport in Guadalajara.
The airport operating industry in Mexico is thriving, with multinationals bringing overseas operations closer to home and growth at Mexican airlines, according to GAP, which operates 12 airports in the country.
Manufacturing hubs such as Guadalajara have seen record traffic growth because of the relocation trend, called Nearshoring, CEO Raul Revuelta said in an interview late Wednesday.
It's nearshoring, when you think medium-to-long-term, said Mr. Revuelta. It's also the expansion of Mexican airlines, VivaAerobus, Volaris, Aeromexico, Volaris, and other regional airlines, which enables them to open new routes and move more passengers. Airport operators have been rewarded. GAP's shares have risen almost 26% year-on-year, while competitors OMA and ASUR have seen shares rise almost 35% and 20%, respectively.
Grupo Aeroportuario del Pacifico, whose full name is Grupo Aeroportuario del Pacifico, plans to spend around 10 billion pesos $554.90 million in 2023, the firm said.
Projects range from a second terminal in Guadalajara's airport to an additional runway in Puerto Vallarta.
The demand for Mexico's northern neighbors is also likely to continue. Revuelta predicted that Mexico's aviation safety rating, downgraded to Category 2 by the Federal Aviation Administration FAA nearly two years ago, will return to Category 1 later this year.
The downgrade has impeded Mexican airlines from launching new routes to the United States, limiting expansion plans.
It's looking like it will be back by the end of the fourth quarter, Vuelta said. The passing of a proposed aviation reform by Mexico's Congress will be an important step, he said.
The reform is expected to pass Congress soon, after a proposal to allow cabotage, a rare practice allowing international airlines to open domestic flights, was removed from the text.