US airports ramp up renovation investments during travel boom

posted on 3rd July 2018 by yumna
US airports ramp up renovation investments during travel boom

LaGuardia Airport, New York City, New York.

According to a preliminary estimate by the US Census Bureau, the costs expanded on construction by airports is at an all-time high as they cope with a national travel boom.

As travel numbers in the US surge, airports are spending more and more on renovation projects.

In May alone, $5.42bn was spent – a 75% increase on May the previous year.

Airlines in the US are looking to increase capacity as they take advantage of healthy oil prices.

Airports in need of upgraded or new infrastructure are also the ones that anticipate to grow over the coming years, meaning that infrastructure investment is ever more critical.

A recent report by CAPA stated that capital expenditure on upgrading infrastructure across the world heavily outweighs the cost of building new airports.

Airport spending on construction hit low numbers between 2010-2015, with a huge spike in figures from 2017 onward.