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 of Seattle, Washington. Here are our observations.
In the CIP covering the 2023-2027 fiscal years, Port of Seattle, Washington, detailed plans to spend over $5.1 billion on capital projects, an increase of 3.2% from $4.9 billion in its 2022-2026 CIP. The current CIP has 375 discrete projects, compared to 409 projects in the prior CIP. The table below breaks down the Port of Seattle’s planned capital spending by business area for its last two CIPs.
*Numbers are Rounded
Planned Increase Due to New Projects and Higher Revenues
Planned spending in the Aviation business area increased by 13.7% to $4.5 billion. The increase goes to a new project, the S Concourse Evolution, worth $674.3 million. This project will upgrade systems, reprogram the public-facing areas, and add duty-free, retails, and dining opportunities. Economic Development and Maritime Division also increased by $86 million and $57.8 million, respectively, due to higher revenue from the Conference & Event Centers and the Ball Street Garage and higher revenue from Cruise.
Over $2 Billion Investment in Aviation Projects
Port of Seattle’s recent CIP has five notable projects valued at more than $200 million, all belonging to the Aviation category. The largest single project is the S Concourse Evolution Project, worth $674.3 million. This project upgrades systems, reprograms public-facing areas and adds duty-free retail and dining opportunities. Listed below are the other four notable projects and their proposed spending:
- Check Baggage Recap/Optimization Project - $591.6 million; project replaces and reconfigures baggage screening equipment and operations.
- North Main Terminal Redevelopment Project - $367.4 million; project would involve redeveloping space at the north end of the Main Terminal Ticketing Level of the Airport to improve passenger processing and security and elevate the overall passenger experience.
- C Concourse Expansion Project - $300 million; Construct three additional floors on top of the Airport’s concourse C building to meet space needs for passenger restrooms, concessions, passenger lounges, and other tenant offices.
- Aeronautical Reserve Project - valued at $225 million.
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.