U.S. airports estimate they need almost $100 billion for capital projects over the next five years and can only fund about half of that on their own, according to a study by a group representing commercial airport owners.
Bloomberg reports that airports are coping with a number of changes that have stretched existing facilities, including higher passenger and cargo activity, aging infrastructure, and consolidation in the airline industry that has increased the demand for hubs, the Airports Council International-North America says in a bi-annual study released today.
The cost projections for 2017 through 2021 are 32% higher than the group’s five-year estimate in 2015. The group’s report comes as President Donald Trump seeks to invest $1 trillion in U.S. infrastructure. The president met with airline executives and airport managers at the White House on Feb. 9 and said U.S. airports are part of an “obsolete’’ transportation system.
Kevin Burke, president and chief executive of the Airports Council, says airports want to be part of Trump’s infrastructure plan and urged Congress to increase the amount that airports can collect through fees.
“We have to work both ends of Pennsylvania Avenue,” he said at a press conference at the U.S. Capitol today.
