NY Port Authority targets infra

The Port Authority of New York and New Jersey (PANYNJ) has unveiled a $7.8bn budget for 2015, with nearly half of it to be funneled into infrastructure.

As much as $3.6bn will be focussed on upgrading critical infrastructure, including airports, tunnels, bridges and port facilities.

Of that investment, $1bn will specifically go to tunnels, bridges, the PATH system and shipping terminals. That includes $273m to continue raising the deck of the Bayonne Bridge, allowing larger cargo ships to reach the region’s ports. And $40m will go to the P3 to build the new Goethals Bridge.

Port Authority Vice Chairman Scott Rechler said: "As stewards of critical transportation facilities and the public’s funds, this budget strikes the appropriate balance between being fiscally disciplined, while increasing our capital investment in the region’s bridges, tunnels, ports and airports." 

In November, PANYNJ executive director Pat Foye told P3 Bulletin that further P3 deals remain a possibility for the organization in the future and would consider the model "where it made sense".

A full breakdown of the budget can be found here.  

P3 Bulletin’s in-depth interview with PANYNJ’s Pat Foye can be found here