Freight Rail Highlights:

• Canadian Freight Rail volumes YTD are down 1% compared to the same period in 2022.
• Two of ten key financial and operating metrics improved compared to the same period last year, two remained unchanged, and six worsened.
• Train weight and length were reduced to accommodate softer traffic volumes while maintaining scheduled train operations and service levels.
• The B.C. port strikes disrupted supply chains and likely contributed to the observed 6% increase in average rail terminal dwell.
• 5% reduction in freight revenue per RTM and a 9% increase in the average operating ratio.
• Class 1 employment was up 4% and they invested nearly $1.7 billion into their assets – a $500 million (43%) increase compared to Q3-2022

Passenger Rail Highlights:

• Q2-23 (latest available data), tourism expenditures on passenger rail, which are a function of both ridership and pricing, were up 14% compared to Q2-19.
• Urban transit ridership continued to improve, and in August 2023, was sitting 19% below pre-pandemic levels, from a pandemic trough of -84%.
• In Q2-23,2 VIA Rail ridership increased by 31% year-over-year, reaching just 16% below pre-pandemic levels.
• In Q3-23, Amtrak ridership for routes with segments in Canada increased by 62% compared to last year and was within 6% of its Q3-19 (pre-pandemic) level.