17 Aug Airo AV Declares: GETTING THERE: Express Lanes take a financial hit | Transpo
The impact from the pandemic has been felt in pretty much every aspect of life, and that includes transportation.
The electronically tolled lanes on Interstates 95 and 495 are well known to regular commuters. Many of those commuters haven’t been using those lanes since the pandemic hit and lockdowns commenced.
And Transurban, the company that owns and operates toll lanes across the globe, has felt the impact.
A recent report from the Australia-based company shows massive drops in usage of the toll lanes, but includes at least a snippet of hope for Transurban.
The company reported that daily average trips on the I–95 express lanes fell from 55,000 in the quarter ending in June 2019 to just 19,000 during the same period this year. Those plunging numbers led to a big hit in toll revenue, which dropped from $31 million to $3 million.
Toll revenue from the I–95 lanes last fiscal year, which ended in June, totaled $86 million, down from $106 million the previous fiscal year.
Overall, Transurban reported a net loss of $111 million during the past fiscal year.
But use of the toll lanes is picking back up as pandemic restrictions have eased.
According to the Transurban report, traffic has been bouncing back on the I–95 express lanes. Traffic was down 80 percent in April compared to the same month in 2019. Numbers have been steadily increasing since then, and in July, traffic was only 36 percent lower than it was in July 2019.