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 2023 fiscal year, Port Authority of New York and New Jersey detailed plans to spend $2.3 billion on capital projects, an increase of 10% from $2.1 billion in its 2022 CIP. The current CIP has 27 discrete projects, compared to 26 projects in the prior CIP. The table below breaks down the Port Authority’s planned capital spending by business area for its last two CIPs.
*Numbers are Rounded
Increases Due to New Projects
Planned spending in the Port Authority Trans-Hudson (PATH) increased by 115% or nearly $170 million for the addition of the PATH Car Purchase and the Replacement of the Substation 2 projects, worth $123.9 million and $43.8 million, respectively. In addition, there is a new project in the Tunnels, Bridges & Terminals business area, the Lincoln Tunnel Access project, valued at $109.9 million. This project is one of the main reasons for an increase in the above mentioned business area. On the other hand, the Aviation business area, which has the highest planned expenditure, decreased by 13% due to the LGA Redevelopment project nearing completion.
Despite Decrease, Largest Project in the Aviation Business Area
Port of Authority has five projects valued at more than $100 million. However, despite the decrease in the Aviation, it still gets the most significant project, the Newark Liberty International Airport (EWR) Terminal A Redevelopment, worth $301 million. This project replaces the outdated Terminal A building with modern facilities and upgrades all supporting infrastructure. Listed below are the other notable projects:
- LaGuardia Airport (LGA) Redevelopment - valued at $234.7 million, under the Aviation business area. The funding goes to replacing the existing 1964 Terminal and related infrastructure in the Western Half. It also includes the replacement of Terminal C in the Eastern Half.
- Airtrain EWR - valued at $139.4 million, under the Aviation, for replacing the existing Airtrain system at EWR that reached its useful life.
- PATH Car Purchase - valued at $123.9 million under the Port Authority Trans-Hudson (PATH) for purchasing 72 new cars.
- Lincoln Tunnel Access - valued at $109.9 million, under the Tunnels, bridges & Terminals area. This project is for rehabilitating the Pulaski Skyway, a new road for Route 1 and 9 Truck North, and replacing the Wittpen bridge.
How FirmoGraphs Can Help
FirmoGraphs curates data about U.S. public sector markets, including capital plans, regulatory developments, and other critical information. We help our customers use this information to gain 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 capital plans and other publicly available documents. Feel free to request a meeting and review the data live in our Business Intelligence platform.