Port Authority to Spend Extra $1 Billion on JFK Airport Project
- Project running into impacts of inflation, higher labor costs
- Expansion is to accommodate expected passenger growth
Rendering of the new Terminal One at JFK Airport.
Source: Port AuthorityThis article is for subscribers only.
The massive renovation to New York City’s John F. Kennedy International Airport has gotten even more expensive.
The Port Authority of New York & New Jersey increased its funding authorization for the infrastructure portion of the project by about $1 billion, making the new budget $3.9 billion, after costs surged due to higher inflation, soaring labor expenses and supply chain disruptions. Board members of the Port Authority voted to approve the increase on Thursday.