The runway project is cost-shared between the airport, the province (Newfoundland & Labrador), and the federal government with each contributing $3.3 million.
A taxiway, electrical systems, lighting and drainage will also be modernized as part of the project, according to a news release from the Gander International Airport Authority (GIAA).
Gary Vey, GIAA president and CEO, said this was the airport’s most significant capital works program of the last 25 years.
“It will significantly enhance safety and security at the airport, facilitate trade and address our most pressing capital need for years to come,” he said.
The airport’s profits are due, in part, to continued growth in domestic markets, with service to Labrador continuing to grow, said Vey.
Charter flights to the Caribbean from Gander has also been strong, he said.
Air Canada’s seasonal Toronto-Gander flight continues to be popular, and transforming the route from seasonal to permanent is one of Vey’s goals.
“It remains the airport’s primary goal to convert this seasonal service to year-round to improve connectivity for our customers, particularly those headed to western Canadian and international destinations,” said Vey.
In 2011 the GIAA posted revenues of $9.3 million with a bottom line of $2 million, a 20 per cent improvement over 2010.
Domestic passenger traffic increased 19 per cent from 2010 to 2011, marking the best year for passenger travel at Gander since 1989.