These US airports are borrowing billions as passenger growth strains terminals

U.S. airports are in the midst of a borrowing boom as they race to modernize aging terminals and keep pace with surging passenger volumes, Bloomberg writes. 

Operators sold nearly $24 billion in municipal bonds in 2025, a record and a 12% jump from the prior year, helping fund new terminals, gates, rail links, lounges, and upgraded baggage and security systems.

From Atlanta to San Francisco, airport authorities are rolling out multibillion-dollar capital plans, with hot spots in Florida, Texas, New York and fast-growing markets such as Nashville and Salt Lake City. Nashville alone is preparing a roughly $1.3 billion financing this month to support unprecedented growth.

The borrowing spree is expected to continue in 2026 as large portions of existing airport debt become eligible for refinancing, potentially unlocking savings and pushing total issuance above $20 billion again this year.

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