North America’s airports are poised to make major capital investments in 2024, with the largest commercial airports leading the way.
According to the 2024 Airport Business Infrastructure Report, airports are planning about $6 billion in capital investment in 2024. This is up substantially YoY from 2023 where airports reported spending $750 million.
The top investment area for commercial airports in 2024 will be terminal development. Eighty-four percent of surveyed commercial airports will be investing in their terminals and building, with 74% concentrated on investments to improve the passenger experience.
Sixty-eight percent of respondents said they’re investing in runway/taxiway infrastructure this year and another 68% are investing in their baggage handling systems to bring new technology onboard.
Several airports reported more than $1 billion in investments in 2024 as they’re making major strides in airport improvements.
Big investments are creating big demands for federal dollars. Half of respondents reported they’re seeking federal Bipartisan Infrastructure Law (BIL) funds in 2024, a nearly 10-point jump over 2023. About 67% will also apply for AIP funding in 2024, which is a 2% increase from 2023.
Despite the robust investment in commercial airports, general aviation airports are seeing things cool down this year.
General aviation airport respondents reported an average capital improvement budget of $1.25 million in 2024. Thirty-six percent are applying for BIL funding this year and 42% are seeking AIP funding.
General aviation airports are also investing in electrification at a lower rate than commercial counterparts. While 100% of commercial airports reported either investing or wanting to invest in electrification of airfield equipment and GSE equipment, none of the general aviation respondents reported interest in pursuing these efforts.
General aviation airports are interested in landside/parking electrification infrastructure going forward, with 58% of all respondents reporting a need to invest in this technology in the near future.
Despite the electrification goals airports, they’re still not prepared for EVTOL or electric aircraft. Only 14% of airports said they’re prepared to service these next-generation aircraft despite the units starting to come online in select markets.
The entire report can be accessed here: https://www.aviationpros.com/airports/whitepaper/53083446
