In a move that charts a decade of transformative investment in the region’s transportation network — including a new Terminal B at Newark Liberty International — the Port Authority of New York and New Jersey Board of Commissioners on Thursday approved a record $45 billion Capital Plan for 2026–2035.
The approved plan funds both the completion of major projects already underway, including the new Midtown Bus Terminal and work at Newark Liberty and Kennedy airports, the PATH Forward program and significant PATH service increases, as well as new initiatives such as EWR’s new Terminal B, which anchors a complete transformation of Newark Liberty – as well as major improvements at LaGuardia Airport.
The plan continues the agency’s strong momentum, completing major initiatives from the 2017–2025 Capital Plan and advancing a new generation of projects that will modernize, strengthen, and expand the agency’s infrastructure around the region.
Click here for a complete look at what the 2026-35 Capital Plan will bring.
The Capital Plan will create more than 50,000 jobs, including more than 33,000 union construction jobs in the region.
More than anything, it will give the region the modern-day, world-class transportation upgrades it needs.
The approved 2026-2035 Capital Plan funds large capital projects and the Port Authority’s $2.7 billion contribution to the Gateway Program, as well as the Port Authority’s state-of-good-repair program — including advancing the comprehensive rehabilitation of the George Washington Bridge and extensive rehabilitations of the Lincoln Tunnel Helix and Outerbridge Crossing.
It also takes major steps in key agency initiatives across sustainability, innovation, and security— both physical and cyber — to protect agency infrastructure and the public it serves in a challenging, ever-changing security landscape.
In addition to approving its $45 billion 2026-2035 Capital Plan, the Port Authority Board of Commissioners also approved the agency’s 2026 annual budget totaling $10 billion, which includes $4.2 billion for operating expenses; $4 billion in capital spending; and $1.7 billion in debt service payments; and a record $1.1 billion allocated to safety and security.
Needless to say, the approval was met with rousing applause by the key players at the Port.
“The board’s approval of this capital plan sets in motion a historic decade of activity for the Port Authority and for the region we serve,” Port Authority Chairman Kevin O’Toole said. “We are charting the next phase of a century-old mission defined by dreaming big, solving hard problems, and connecting millions of people to opportunity.
“This plan builds on the trust and momentum earned by delivering complex projects to a world-class standard. Through this visionary plan and the transformative work we continue to do, we are setting a new standard for the region and raising the bar for what public agencies can accomplish.”
Port Authority Executive Director Rick Cotton, who announced he will retire at the end of the year, was equally enthused.
“With this capital plan now officially adopted, the Port Authority enters a new chapter grounded in sustained investment and a proven record of execution,” he said. “Over the last decade, this agency has shown what it can deliver, turning ideas into concrete realities such as award-winning terminals, rebuilt bridges, modernized transit hubs, and renewed infrastructure serving millions every day.
“The approved plan builds directly on that momentum. It will advance projects that improve reliability, shorten travel times, elevate the passenger experience, and prepare our region for the next century of growth and innovation.”
Since the COVID-19 pandemic, the Port Authority has been navigating one of the most difficult operating environments in its history. The pandemic erased $3 billion in revenue, forcing significant capital spending delays and cost-cutting measures.
Inflation, supply-chain shocks, and tariffs drove up the cost of steel, concrete and electrical components, while rising interest rates increased borrowing costs. The lack of federal COVID-19 relief for the PATH system, combined with ridership losses, required additional funding to sustain operations. Despite these challenges, the agency advanced the vast majority of its ambitious agenda from its previous 10-year capital plan, including major milestones such as EWR’s Terminal A, a Whole New LaGuardia Airport, and two new Staten Island bridges.
