The Port Authority of New York and New Jersey has proposed a $45 billion, 2026–2035 capital plan that funds major upgrades across airports, rail transit, and regional crossings. The plan includes new terminal construction, service expansions, and state-of-good-repair work across the bi-state network.
The authority also released a proposed $10.1 billion 2026 operating and capital budget. The budget allocates $4.2 billion for operating expenses and $4.1 billion for capital spending. It funds the first phase of expanded PATH rail service beginning in March 2026.
The PATH program introduces service increases through 2027, supported by $19 million in operating costs. The plan requires a phased 25-cent fare increase starting in summer 2026, followed by 25-cent annual increases from 2027 to 2029. PATH will install new fare gates to reduce revenue losses. The 2026 budget also proposes a 3% toll adjustment beginning January 4, 2026, indexed to consumer price changes.
Airport projects receive the largest share of capital funding at $20 billion. Planned work includes completing the Newark Liberty monorail replacement, advancing access improvements between Newark’s South Ward and the airport, replacing Terminal B, renovating Terminal C, and expanding Terminal A.
The plan allocates $15.4 billion for tunnels, bridges, and bus terminals. Key projects include constructing the new $11 billion Midtown Bus Terminal, continuing the $2 billion George Washington Bridge rehabilitation, upgrading the Lincoln Tunnel Helix for $640 million, and completing $336 million in structural work at the Outerbridge Crossing ahead of future replacement.
The proposal also includes the Port Authority’s contribution to the Gateway Program and completes multiple ongoing megaprojects. The capital plan and 2026 budget will undergo six public hearings before board consideration on December 18, 2025.