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Port Authority of New York and New Jersey
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Port Authority of NY and NJ Releases 2024 Budget with $3.6-Billion Allocated to Capital Expenses

Nov. 21, 2023
The projects include major renovations at JFK and Newark Airport & a new Port Authority Bus Terminal in Manhattan.

New York area distributors, reps, manufacturers and contractors may want to take note of the $9.3-billion 2024 budget recently released by the Port Authority of New York, because it includes $3.6 billion in capital expenses for a wide range of construction projects throughout the region. These projects include:
•    Advancement of the redevelopment of John F. Kennedy International Airport into a world-class international gateway.

•    Continued planning and advancing of the new Midtown Bus Terminal, replacing the current outdated terminal with a modern transportation hub that can accommodate capacity increases and help ease city congestion. 

•    Development of a new AirTrain Newark system to replace the current outmoded system serving Newark Liberty International Airport, as well as advancement of the EWR Station access project that will expand rail and airport access for underserved Newark and Elizabeth communities. 

•    Continuation of work on the $2 billion, 11-project Restoring the George program at the George Washington Bridge to rehabilitate, repair or replace nearly every component of the world’s busiest vehicular bridge.

•    Beginning of major work on the Port Street Corridor Improvement project at Port Newark to rebuild one of the facility’s main entrances and improve trucking operations that support the region’s robust supply chain.

•    Replacement of PATH’s current fare collection system with a modern “tap-and-go” system.

The release said that additionally, the proposed budget includes the agency’s largest-ever allocation toward safety and security, totaling nearly $1 billion and further steps toward the agency’s commitment to reach net-zero carbon emissions by 2050. The budget includes $86 million toward net-zero initiatives. 

“The overarching message from this budget proposal is clear: We are full steam ahead,” said Port Authority Chairman Kevin O’Toole, in the press release. “We’re moving forward on several major projects that are critical to the region, including redevelopment and modernization work at all three of our major airports, the PATH system, the Midtown Bus Terminal, and the busiest and largest container port on the East Coast.”
“This spending plan is both ambitious in its scope and responsible in its proposed spending,” said Port Authority Executive Director Rick Cotton.  “We’re coming out of the pandemic more determined than ever to move people and goods safely, efficiently, and prudently while doing so at the highest standards possible. That includes our largest-ever security allocation to ensure the users of our region’s critical transportation hubs remain safe.”

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