NY NJ Port Authority plans to spend $45bn on capital projects

The plan would continue funding for large projects already under way, including the new Midtown Bus Terminal, a new Terminal B at Newark Liberty International Airport, completion of JFK Airport’s wholesale rebuild, and the PATH Forward modernisation scheme.

It also introduces commitments to a state-of-the-art AirTrain Newark, and the replacement of LaGuardia’s ageing Terminal A.

In addition to announcing its $45 billion proposed 2026-2035 Capital Plan, the Port Authority also announced its proposed 2026 annual budget totalling $10.1 billion, which includes $4.2 billion for operating expenses; $4.1 billion in capital spending; and $1.7 billion in debt service payments; and $1.1 billion set aside for safety and security measures.

The agency plans to phase in fare, fee and toll adjustments to support the programme, including incremental increases to PATH fares from 2026 and changes to bus carrier fees and toll categories.

It added that Covid-19 pandemic had erased $3 billion in revenue, forcing capital spending delays and cost-cutting measures. Since then, the cost of steel, concrete and electrical components, as well as interest rates, have all risen as a result of inflation and supply-chain shocks.

The Port Authority said, “The plan funds completion of ongoing megaprojects while launching the next wave of critical infrastructure projects to strengthen regional mobility and economic competitiveness. It will also create more than 50,000 jobs, including 33,000 union construction jobs, generating significant economic activity across the bi-state region. The proposed plan will be subject to public comment and Board of Commissioners consideration.”