FirmoGraphs keeps its clients up to date on capital plans of interest for long-term business development. We help our customers use this information to gain a competitive advantage and improve proactive conversations with their clients. We recently processed the latest capital spending plan by the Port Authority of New York and New Jersey. Here are our observations.
In the CIP covering the 2024 fiscal year, Port Authority of New York and New Jersey detailed plans to spend $2.6 billion on capital projects, an increase of 16% from $2.3 billion in its 2023 CIP. The current CIP has 26 line items, compared to 27 line items in the prior CIP. The table below breaks down Port Authority of New York and New Jersey’s planned capital spending by business area for its last two CIPs.
*Numbers are Rounded
Most Significant Increase In Tunnels, Bridges & Terminals
Planned spending in the Tunnels, Bridges & Terminals increased largely by 61% with funding towards ongoing projects. There is a new program under the Aviation category, which is the LGA Mass Transit Program, amounting to $40 million, resulting in a 4% increase in this category.
Aviation Project to Receive Nearly $400 Million
The Port Authority of New York and Jersey has two notable line items veiled at over $100 million and three at over $50 million. The largest line item is the AirTrain EWR, worth $397 million under the Aviation category. This project advances the replacement of the existing AirTrain system at EWR which has reached the end of its useful life. Listed below are the other notable line items:
- Lincoln Tunnel Access - worth $108 million, under the Tunnels, Bridges & Terminals category. This project provides for rehabilitation of the Pulaski Skyway, a new road for Route 1 and 9 Truck North, and the replacement of the Witt Penn Bridge.
- LGA Redevelopment – Terminal C - worth $68 million, under the Aviation category. The project supports the replacement of Terminal C by Delta as part of the construction of a new single integrated airport.
- PATH Car Purchase - worth $56 million, under the Port Authority Trans-Hudson category. The funding provides for the purchase of 72 new PA-5 cars to increase system-wide capacity.
- Replacement of Substation 2 - worth $52 million, under the Port Authority Trans-Hudson category. The project provides for construction of a new substation and compressor plant to replace the existing Substation 2 in Jersey City, New Jersey.
How FirmoGraphs Can Help
FirmoGraphs curates data about U.S. public sector markets, including transportation improvement programs, regulatory developments, and other critical information. We help our customers use this information to gain a competitive advantage and improve proactive conversations with their clients. We’d be glad to meet with you and help your company sort through the wealth of information in improvement programs and other publicly available documents. Feel free to request a meeting and review the data live on our Business Intelligence platform.