Port Authority of New York and New Jersey (PANYNJ) approved the agency’s largest ever USD 32.2 billion 2017-2026 Capital Plan.
The plan allows for USD 11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the USD 4 billion LaGuardia Terminal B replacement. The LaGuardia project involves the construction of a 2.4 km AirTrain system.
At the agency’s tunnels, bridges and terminals, the plan provides USD 10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones.
The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.
The plan also provides the largest contribution of any stakeholder to date valuated at USD 2.7 billion for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The
The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through PPPs on major transport and terminal projects. The plan’s multibillion investment is expected to result in the creation of 235,400 job years, USD 20 billion in total wages and USD 56 billion in overall economic activity.
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