2017 hit record highs for construction spending on airport facilities, hitting an estimated $4.7B for the year – over three times 2016 levels. This spending volume takes in to account both new build projects and renovation of existing structures.
This tremendous uptick in airport construction is being driven by a few factors:
•Passenger enplanements (aircraft boardings) have steadily risen for the last 8 years, up over 20%, to record highs
•Years of deferred airport construction work is now viable as airline profits and competition have heated up
•The average time spent by air travelers within the confines of airport terminals has more than doubled. This is spurring an increased focus on customer experience.