Dive Brief:
- The Port of Authority of New York and New Jersey’s $8.3 billion budget has been approved for 2023, and will ensure improvements to legacy infrastructure, customer experience and economic development in the region, according to a press release.
- The 2023 budget consists of $3.7 billion for operating expenses, $2.9 billion for annual capital spending and $1.7 billion for debt service and deferred expenses. It marks a 5% increase from last year’s $7.9 billion budget.
- The agency hopes the investment will help it recover some of the $3 billion in lost revenues due to the first two years of the COVID-19 pandemic, said Rick Cotton, Port Authority executive director.
Dive Insight:
Several major infrastructure projects are included in the budget. The $2.9 billion approved for annual capital spending includes funding for the following projects:
- Ongoing transformation of the Port Authority’s three major airports: JFK International Airport, LaGuardia Airport and Newark Liberty International Airport.
- Replacement of the Midtown Bus Terminal with a multi-facility terminal complex that will increase bus capacity and help ease city congestion.
- Implementation of a new fare collection system for PATH and AirTrain.
- Expanded capacity on the PATH commuter railroad.
- Essential repair work for legacy bridges and tunnels.
- Ongoing work on the $2 billion George Washington Bridge project.
Along with capital spending, the 2023 budget also will provide:
- About $1 billion for security, including funds to strengthen the agency’s cybersecurity infrastructure.
- Nearly $2 billion for operations and maintenance of the agency’s assets.
- More than $17 million for new technology, customer experience and employer-of-choice initiatives.
The approved budget will also invest more than $55 million to advance the agency’s net-zero emissions and climate resilience goals, according to the release.
The $8.3 billion budget approval is the latest sign public funding will continue to support civil construction work, particularly bridge and public transit projects. Dodge Construction Network predicts national nonbuilding starts will jump 16% in 2023.
