Port Authority Approves Record $45 Billion Capital Plan for 2026-2035

The Port Authority of New York and New Jersey Board of Commissioners approved a record $45 billion 2026-2035 Capital Plan on December 18, 2025, setting out a decade of major investments to modernize, strengthen and expand the region’s transportation infrastructure.

The plan funds the completion of major projects already underway, including the transformation of John F. Kennedy International Airport (JFK), Newark Liberty International Airport (EWR), the new Midtown Bus Terminal and the PATH Forward program. It also launches new initiatives, including a new Terminal B at Newark Liberty, an upgraded AirTrain Newark and additional transportation improvements at LaGuardia Airport.

Major Airport Investments

At John F. Kennedy International Airport, the capital plan will support the completion of the airport’s transformation into a world-class international gateway. The plan includes the continued development of new international terminals and a modernization of the AirTrain JFK system, including new train cars designed to double capacity and new stations.

At Newark Liberty International Airport, the plan provides funding to establish a public-private partnership for the design and construction of a new Terminal B. It also supports the expansion of Terminal A and the ongoing construction of a new $3.5 billion AirTrain Newark designed to improve reliability and capacity.

At LaGuardia Airport, the plan calls for replacing the 1980s-era gate and boarding areas of Terminal A while preserving the historic Marine Air Terminal. It also includes improvements to the LGALink Q70 bus service and airport ground transportation infrastructure.

New Midtown Bus Terminal

A centerpiece of the capital plan is the new Midtown Bus Terminal, backed by an $11 billion investment. The project will provide expanded terminal space, faster access to the Lincoln Tunnel, modern technology and infrastructure designed to support an all-electric bus fleet.

The project will be completed in two phases. The first phase, including new ramps and a storage and staging facility, is scheduled for completion by 2030. The second phase, including the new main terminal and a 3.5-acre green space, is scheduled for completion by 2035.

PATH Service Expansion

The capital plan also includes one of the largest service increases in PATH history. For the first time in 25 years, all four PATH lines will operate seven days a week in 2026.

The plan provides for increased rush-hour service, expanded weekend and late-night service, restored direct weekend routes and investments in tracks, fare gates and technology aimed at improving reliability and reducing fare evasion.

Regional Infrastructure and Economic Impact

Beyond airports and transit, the $45 billion plan includes extensive rehabilitation of the Lincoln Tunnel Helix and Outerbridge Crossing, continued investment in the Port of New York and New Jersey, and a $2.7 billion Port Authority contribution to the Gateway Program.

The plan is expected to create more than 50,000 jobs, including more than 33,000 union construction jobs across the region.

The Board also approved the Port Authority’s 2026 annual budget totaling $10 billion, including $4 billion in capital spending, $4.3 billion in operating funds and $1.7 billion in debt service payments. A record $1.1 billion is allocated to safety and security.