Port Authority Of New York And New Jersey Approved Multi-Billion Dollar Airport Project

The Port Authority of New York and New Jersey has approved its budget for 2023. Following a month-long public consultation process, the agency will work with a total budget of $8.3 billion next year. This is made up of $2.9 billion for multiple infrastructure projects, including redevelopment at its three largest airports. $3.7 billion has been earmarked for general operating expenses, and the remaining $1.7 billion will go on debt repayment.

The agency is responsible for five airports, together forming the largest network of airports in the world – New York John F. Kennedy International Airport (JFK), Newark Liberty International Airport (EWR), LaGuardia Airport (LGA), New York Stewart International Airport (SWF), and Teterboro Airport (TEB).

Port Authority Chairman, Kevin O’Toole, said,

“The commissioners’ approval today of the 2023 budget reflects the importance of the agency’s investments in building new world-class facilities and modernizing our legacy infrastructure into 21st-century facilities so that we can continue to operate at the highest level. We remain laser-focused on building a future that benefits all users of our facilities and supports the region’s economy.”

Photo: Getty Images

How will the money be spent?

The Port Authority’s ongoing transformation of its three major airports into world-class transportation hubs will take up a significant portion of the budget. The agency also plans to replace the aging Midtown Bus Terminal with a facility fit for the 21st century, with a view to increasing bus use and easing congestion in the city. The George Washington Bridge across the Hudson River will also undergo a complete restoration.

Almost $1 billion will be spent on security, with a particular focus on cyber security. This will be the agency’s largest-ever security budget. $55 million will go towards the agency’s net-zero sustainability goals, and a further $17 million is to be invested in new technologies to improve the customer experience.

Photo: Vincenzo Pace | Simple Flying

A spotlight on New York JFK

Three of the Port Authority’s five airports have been earmarked for significant redevelopment plans – New York JFK, Newark, and LaGuardia. A total of $13 billion is being invested in New York JFK airport alone over the coming years, including the following work:

• Terminal 8 – the revamped terminal opened earlier this month, welcoming passengers of oneworld member airlines, including American Airlines and British Airways. It offers a much-improved passenger experience.
• Terminal 4 – home to Delta Air Lines, will undergo a refresh, which is due to be completed by summer 2023. The work includes modernizing the existing terminal facilities and adding 10 new aircraft parking positions.
• New Terminal One – this will be a state-of-the-art, 23-gate terminal, designed with sustainability in mind. Featuring expansive, naturally lit public spaces, cutting-edge technology, and an array of amenities, the terminal will reimagine the airport experience for international passengers. Construction began in September this year, and the new terminal is expected to open in 2026.

Photo: Port Authority of New York and New Jersey

Recovery from the pandemic

Air travel in the US continues to rebound following the pandemic, and the New York area is no exception. The latest figures from October 2022 show a total of 11 million passengers traveling through the agency’s five airports, which represents a 49.5% increase on October 2021. 8 million of those were domestic travelers, and 3 million were flying internationally. These figures are likely to have increased significantly in November as a result of the Thanksgiving holiday.

In a bid to recover some of the $3 billion in lost revenues incurred by the Port Authority of New York and New Jersey throughout the pandemic, inflation-based increases in bridge and tunnel tolls will come into effect on January 8th, 2023. Peak time E-ZPass tolls for example will rise from $13.75 to $14.75. The AirTrain, linking New York JFK airport to the city’s public transportation network will also see fare increases from the current $8 as of March 5th, 2023.

What do you think of the Port Authority of New York and New Jersey’s ambitious redevelopment plans? Have you traveled through New York JFK’s Terminal 8 since it reopened? Share your thoughts and experiences by commenting below.