Port Authority of New York & New Jersey

More than two years after COVID derailed three JFK Airport's high-profile terminal deals, the final project is now on track for groundbreaking early next year.

As passengers return and revenues climb toward pre-pandemic norms, the Port Authority of New York and New Jersey has billions of capital construction on tap at the region's largest airports.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.446 billion of outflows, though that was down from $2.669 billion of outflows in the previous week.

The first tranche of federal dollars are seen as a down payment on what's billed as the most urgent infrastructure project in the U.S.

The Port Authority of New York and New Jersey is a "trailblazer" in public-private partnerships, and P3 investors hope to see more action in U.S. airports.

The window of opportunity is open thanks to new projects, new state and city leadership, emerging projects and better systems to benefit travelers.

Pandemic or not, major projects must continue, say New York Gov. Kathy Hochul and the Port Authority.

There are $8.127 billion of negotiated deals on tap and a mere $367.4 million of competitive loans slated, none over $100 million. Thirty-day visible supply totals $9.9 billion and net negative supply is at $8.4 billion.

The port's operating revenue will continue to recover, enabling it to return to a total net revenue debt service coverage ratio of 1.75 times by 2023, the rating agency said.

Its deep water and access to dollars position it well, a climate expert said.