by Donald Wood
Last updated: 9:50 AM ET, Fri December 1, 2023
Amtrak announced that the rail company experienced strong
growth during the fiscal year 2023.
Powered by the resumption of service on all routes and the addition
of more trains on the Northeast Regional, Piedmont and Cascades lines, as well
as advanced major infrastructure projects, Amtrak revealed plans to double
ridership by 2040.
In total, more than 28 million customers rode the company’s
trains around the United States over the last year, a 24.6 percent increase
compared to 2022. Amtrak earned $3.4 billion in total operating revenue, an
increase of 20 percent.
Adjusted operating earnings reached $752.2 million in 2023,
an improvement of $130 million from 2022. The strong passenger numbers were
partly fueled by significant growth on the Northeast Corridor, where ridership
exceeded pre-pandemic levels by an average of eight percent since early summer.
“Amtrak
ridership continues to set post-pandemic records thanks to our customers who
were anxious to travel again and attracted to the many benefits of train travel,”
CEO Stephen Gardner said. “This resurgence was made possible by our dedicated
employees, our many state and host railroad partners, and ongoing support from
the Biden Administration and Congress.”
“We’re inspired by the soaring demand for intercity
passenger rail and are eager to continue connecting more people and places,” Gardner
continued.
Amtrak revealed it set monthly or annual ridership records,
including the Amtrak Downeaster and services in the Commonwealth of Virginia
and the State of North Carolina. The company plans to launch new and expanded
service, advance safety and reliability, improve accessibility, drive economic
development and enhance the customer experience.
In addition, the rail company hired more than 4,800 new
employees to support ridership growth, improve existing services, and advance
historic infrastructure investments.
Earlier this month, U.S. President Joe Biden announced Amtrak
was awarded
nearly $10 billion in Federal Railroad Administration funding for work
along the Northeast Corridor. The money would be used to modernize critical
infrastructure, improve stations and support future ridership growth on the
NEC.
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