Globally, $543 billion worth of airport construction projects are in progress
Airport Construction Projects Worldwide and Investment Amount (in Billions)*
China started working on a new airport near Beijing on December 26, 2014. The airport, which is being designed by Netherlands Airport Consultants, is expected to be completed in 2018 and cost about
$14 billion. Upon completion, the 7.5 million square foot terminal will accommodate about 45 million people per year. The terminal will later expand to handle an annual flow of up to 72 million people, about the same capacity as London’s Heathrow, one of the world’s busiest airports.
China leads the world in airport construction, and this will be Beijing’s second international airport. But airports are taking off all around the world. Globally, $543 billion worth of projects are in progress, according to research by CAPA Centre for Aviation.
In the U.S., for example, one of Denver International Airport’s (DIA) main runways is getting a $46.5 million face-lift. And, in November a 14-story Westin will open next to DIA, along with a new transit center housing a commuter railway that will take passengers to downtown Denver in 30 minutes.
But the Asia-Pacific region, including China and India, is driving much of the increase in the world’s air traffic. Millions of people are taking to the skies in that region. The demand is expected to be so great that Boeing, one of the world’s largest airplane makers, predicts that 35,280 new planes, valued at $4.8 trillion, will be in the air by 2032.
The Middle East, Latin America and Africa are also driving growth. Many of those regions will require significant investment in new or improved runways, terminal expansions and entirely new airports, a potential opportunity for such global companies as Caterpillar, Komatsu and Cummins, who provide the machines that help build the future.