Closing Bell: Port Authority Plans to Earmark $8 Billion to Upgrade NYC Airports

The Port Authority of New York and New Jersey just announced that it is earmarking $8 billion for a massive wave of improvements to the region’s three airports. Crain’s reports that those improvements include “the redevelopment of LaGuardia Airport’s main terminal building, the demolition of Terminal 3 at John F. Kennedy International Airport, and a more than $1 billion extension of the PATH train to connect with the Air Train servicing Newark Liberty Airport.” The plans will be undertaken over the next ten years, although the slow demolition of JFK’s Terminal 3 has already begun. The vice chairman of the board of the Port Authority calls this “probably the biggest investment in airports ever.”

The Port Authority introduced the spending plan at a meeting this morning, and the plan will be voted for approval by the Port Authority’s board on Thursday.

$8B Earmarked for Big Upgrade of NY Airports [Crain’s]

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