Paul Bradbury, director of the Portland International Jetport, believes the regional economy is well-positioned for modest but stable growth this year.
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Paul Bradbury, director of the Portland International Jetport, is more bullish going into 2024 than he was a year ago when many economists feared a recession that never materialized.
“The unexpected soft landing has the Jetport and our regional economy well-positioned for modest but stable growth in 2024,” says Bradbury, who has led Maine’s biggest airport since 2008.
Total passengers in 2023 departing from and arriving at the Jetport were projected to be up 11.5% over 2022, while takeoffs and landings were projected to be 1.9% lower.
The numbers are trending in opposite directions because airlines are carrying more passengers on fewer aircraft — planes that are larger and more fuel-efficient. In the industry, the practice is called “upgauging.”
Jetport upgrades
After rehabilitating the main runway in 2022, the Jetport will embark on a $13.3 million revamp of the taxiway that runs parallel with the main runway in 2024. Known as Taxiway A, the lane moves aircraft from the terminal apron to the runways.
Other 2024 projects include replacing five passenger boarding bridges and adding three new ones, replacing baggage claim carousels and expanding public parking, bringing the total capital budget to $33 million for the year.
As far as financing, Bradbury says the Jetport has no immediate borrowing needs after replenishing its cash reserves to a “healthy” level above $40 million.
“This, combined with grants, will be used to fund the backlog of infrastructure projects caused by the pandemic,” he says.
By early 2027 the Jetport aims to become a hub for charter flights to the Caribbean or Europe as a Federal Inspections Services Facility equipped to handle customs and border protection.
Bradbury, who estimates the project cost at around $14 million, says he believes the project can be funded with the current $4.50 passenger facility charge in combination with grants and Jetport cash reserves.
