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Amtrak's Remarkable Record in Fiscal Year 2024

Amtrak has shattered its previous ridership records, welcoming a staggering 32.8 million passengers in Fiscal Year 2024 (FY24). This aligns with a growing interest in passenger rail services across the United States, reflecting the demand for efficient travel options. The dramatic increase of 15% from FY23 underscores the momentum in rail travel as Amtrak aims to enhance customer experiences.

CEO Stephen Gardner emphasized that this milestone is merely the start of a sustained growth trajectory. "Breaking our ridership record shows that travelers throughout the U.S. want efficient travel options," Gardner stated. He further affirmed Amtrak's commitment to meeting this increasing demand through strategic partnerships and bold investments.

Infrastructure Investments

Amtrak is not only increasing its ridership but is concurrently investing a monumental $4.5 billion into infrastructure and fleet upgrades. This investment marks the largest expansion in rail construction in the company’s history, stimulating economic growth, providing jobs, and enhancing the overall travel experience across the nation. The infrastructure developments will bolster safety and reliability, expand capacity, and improve accessibility for all passengers.

These financial inputs have encouraged job creation in skilled labor, thereby energizing American manufacturing as well, creating thousands of jobs in the process.

FY2024 Performance Highlights

The preliminary results for FY24 provide a solid overview of Amtrak’s progress:

• - Ridership: An all-time record of 32.8 million customer trips, representing a 15% uptick from the previous fiscal year.
• - Ticket Revenue: For the first time in Amtrak’s history, ticket revenue reached $2.5 billion, marking a notable 9% increase year-over-year.
• - Total Operating Revenue: The total revenue amounted to $3.6 billion, indicating a 7% rise compared to FY23.
• - Major Infrastructure Investments: The $4.5 billion investment focuses on critical upgrades, further driving economic growth.
• - Service Expansion: One new train service launched along with the expansion of four other routes to better serve communities across the United States.

Looking Ahead

Amtrak is strategically positioned to advance its long-term goal of doubling ridership to 66 million by 2040. This ambitious vision involves encouraging travelers to rethink their travel choices and embrace rail travel more prominently.

"We're modernizing our network and fleet to ensure that every journey with Amtrak is world-class," stated Amtrak President Roger Harris. This commitment to modern infrastructure and expanded service will continue to elevate passenger experiences nationally.

As the company builds a robust framework for future growth, it seeks to connect even more people and communities through rail. The collaboration with state partners to establish new routes and improve stations sets a solid foundation for future expansion.

Tony Coscia, Amtrak’s Board Chair, noted, "Amtrak's record ridership reflects not only the need for train travel in America but the benefits of strategic investments supporting our vision." The rail landscape in America is on the cusp of transformation with Amtrak at the helm, committed to leading innovations and capabilities in the passenger train sector.

Conclusion

In summary, Amtrak's record-breaking performance in FY24 not only highlights the increasing public interest in rail travel but also sets a promising agenda for the future. With significant investments underway and a clear vision ahead, Amtrak is well-positioned to enhance the travel experience for millions more in the upcoming years.