November 7, 2024

Rise To Thrive

Investing guide, latest news & videos!

FAA sends out $636 million in airport improvement grants

2 min read
FAA sends out 6 million in airport improvement grants

The Federal Aviation Administration has released its fourth round of funding through its Airport Improvement Program, doling out more than $636 million across 320 grants in 46 states.

The grant funding will go to projects such as “planning, airport safety improvements, airport development, and airport noise compatibility,” the FAA said.

“From passenger travel to cargo operations, the Biden-Harris Administration continues to make our aviation system safer, more accessible, and more resilient through initiatives like the Airport Improvement Program,” said Transportation Secretary Pete Buttigieg. “Thanks to this latest round of funding, passengers across the country will benefit as we make airports from Rhode Island to American Samoa more modern and efficient.”

“From passenger travel to cargo operations, the Biden-Harris Administration continues to make our aviation system safer, more accessible, and more resilient through initiatives like the Airport Improvement Program,” said Transportation Secretary Pete Buttigieg. “Thanks to this latest round of funding, passengers across the country will benefit as we make airports from Rhode Island to American Samoa more modern and efficient.”

Bloomberg News

This is shaping up to be a monumental summer for air travel, with the Transportation Security Administration setting a new record of 2.99 million travelers screened in a single day in June, only to break that weeks later with more than 3 million in early July.

The Airport Improvement Program receives approximately $3.3 billion annually, authorized by the Infrastructure Investment and Jobs Act. 

Some high profile investments from this round include $24.2 million going to runway rehabilitation at Stewart International Airport in Newburgh, New York; $16.3 million for runway rehabilitation at Philadelphia International Airport and $15.7 million going to fund taxiway construction at Detroit Willow Run Airport.

Also included is $15 million going to runway rehabilitation at Ellison Onizuka Kona International at Keahole, Hawaii, $4.2 million to fund the reconstruction of taxiways at San Diego International, and $755,000 going to fund the reconstruction of runway lights at Fitiuta Airport in American Samoa.

Airport issuance has also reached new heights this year, beginning slowly with $3.5 billion issued in the first five months of the year, but expected to reach $21 billion by the end of 2024, according to Ramirez. That could bring airport issuance back to pre-pandemic levels, where it hit a recent high of $21.1 billion in 2018 but soon dropped off to $13.5 billion in 2019 and $16.6 billion in 2020.

“This $636 million investment helps airports across the Nation sustain and improve critical infrastructure to advance the safest, most efficient airport system in the world,” said Shanetta R. Griffin, FAA associate administrator for airports.