(The Center Square) – Mass transit agencies across the country could continue to struggle this year with depressed ridership as federal funding is set to expire.
S&P Global Ratings, one of three major credit rating agencies, gave the public transit sector a negative outlook as challenges pile up for operators while they spend down more than $70 billion in federal aid given out during the COVID-19 pandemic.
Airports, toll roads, maritime ports and parking operators have bounced back after the pandemic. In some cases, U.S. airports outperformed previous peaks. But not mass transit. Ridership was at 77% of pre-pandemic levels with significant variances between U.S. regions and modes of transit.
“Looking ahead to 2024, the outlier in this back-to-normal mobility story is U.S. mass transit,” according to the latest sector report from S&P. “Heavy regional commuter rail-only systems still face lower ridership due to remote work trends while bus and subway
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