DWU Daily Briefing

Infrastructure finance intelligence — airports, municipal bonds, transit, airlines, utilities, and policy.

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Airport Financedefault

Bond issuances, credit ratings, PFC applications, airline use agreements

Airport Industrydefault

Terminal projects, FAA regulatory changes, airport leadership

Airline Industrydefault

Route announcements, airline earnings, fleet orders, labor disputes

Muni Bond Marketdefault

Municipal bond trends, issuance volume, interest rates, credit markets

U.S. Newsdefault

Markets, economy, Federal Reserve, trade policy, tariffs

Transit Finance

Transit agency bonds, FTA funding, ridership trends, fare policy

Toll Road & Port

Toll revenue bonds, port authority finance, traffic and tonnage data

Tax & Levy Policy

Property tax, special assessment districts, ballot measures, levy rates

Airline Finance

Airline credit ratings, EETC, fleet financing, debt issuance

Utility Finance

Water, electric, gas revenue bonds, rate cases, utility regulation

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Large Hubs (31)All Large

ATLAtlantaDFWDallas-Fort WorthDENDenverORDChicago O'HareLAXLos AngelesJFKNew York JFKCLTCharlotteLASLas VegasMCOOrlandoMIAMiamiPHXPhoenixSEASeattleSFOSan FranciscoEWRNewarkIAHHouston IAHBOSBostonMSPMinneapolisFLLFort LauderdaleLGANew York LaGuardiaDTWDetroitPHLPhiladelphiaSLCSalt Lake CityBWIBaltimoreIADWashington DullesSANSan DiegoDCAWashington ReaganTPATampaBNANashvilleAUSAustinHNLHonoluluMDWChicago Midway

Medium Hubs (32)All Medium

DALDallas Love FieldPDXPortlandSTLSt. LouisRDURaleigh-DurhamHOUHouston HobbySMFSacramentoMSYNew OrleansSJUSan JuanMCIKansas CitySJCSan JoseSATSan AntonioRSWFort MyersSNAOrange CountyOAKOaklandINDIndianapolisCLEClevelandPITPittsburghCVGCincinnatiCMHColumbusPBIPalm BeachJAXJacksonvilleONTOntario CAOGGMaui KahuluiBURBurbankBDLHartfordCHSCharlestonMKEMilwaukeeANCAnchorageABQAlbuquerqueOMAOmahaBUFBuffaloBOIBoise

Hawaii (5)All Hawaii

KOAKonaITOHiloLIHLihueMKKMolokaiLNYLanai

5 of 10 topics · All airports (none selected = all) · Delivered daily at 8 to 8:30 AM Pacific

Latest Edition

Airport Finance Weekly — Week of March 5 – March 11, 2026 · 13 stories

Airport Finance Weekly — Thursday, March 12, 2026

Thursday, March 12, 2026 · 13 stories

MEM KBRA Affirms A+ Rating on Memphis Airport Revenue Bonds

KBRA affirmed the Memphis-Shelby County Airport Authority's Airport Revenue Bonds at A+ with a Stable Outlook on March 4. The rating was supported by solid enplanement growth as MEM transitions to an origin-destination airport and its diverse operations including FedEx's global cargo hub presence.

Compare debt service coverage ratios across cargo-heavy vs. passenger-focused airports: https://dwuconsulting.com/ask?q=Compare%20debt%20service%20coverage%20ratios%20for%20cargo%20airports%20vs%20passenger%20airports

KBRA

Bond & Credit

AUS Austin City Council Approves Up to $1.4 Billion Airport Revenue Bond Sale

On February 26, Austin City Council approved the sale of up to $1.4 billion in airport system revenue bonds ($1.05 billion AMT, $350 million non-AMT) to finance portions of the $5 billion expansion program at Austin-Bergstrom International Airport. The city is targeting mid-April pricing, with four to five subsequent bond issues anticipated through 2030.

Learn about alternative minimum tax implications for airport bonds: https://dwuconsulting.com/ask?q=What%20is%20the%20difference%20between%20AMT%20and%20non-AMT%20airport%20bonds

Bond Buyer

Compare landing fees and terminal rental rates across all large hub airports →

Capital Programs

PHL Philadelphia Airport Unveils $500 Million Capital Improvement Program for 2026

Philadelphia International Airport is implementing $500 million in upgrades including more bathrooms, new terminal exits, and high-tech doors as part of a $935 million capital improvement agreement with airlines. The improvements are designed to address the airport's aging infrastructure and prepare for 2026 events.

Explore typical capital program structures at large hub airports: https://dwuconsulting.com/ask?q=What%20are%20typical%20capital%20program%20funding%20sources%20for%20large%20hub%20airports

Philadelphia Inquirer

TVC Cherry Capital Airport to Approve $95 Million in Terminal Contracts

Northwest Michigan Regional Airport Authority is scheduled to review and approve more than $95 million in construction and oversight contracts on March 17, with a groundbreaking ceremony planned for April 24. The terminal expansion will add over 100,000 square feet and four new gates, funded through a $51 million bond sale.

Compare small hub airport terminal project costs per square foot: https://dwuconsulting.com/ask?q=What%20are%20typical%20terminal%20construction%20costs%20per%20square%20foot%20for%20small%20hub%20airports

Traverse City Record-Eagle

DUB Dublin Airport Closes Runway for Emergency Taxiway Repair March 9-12

Dublin Airport closed Runway 10R/28L from March 9-12 for urgent repair of the main taxiway damaged by exceptionally high rainfall. Under European Aviation Safety Agency regulations, the airport must maintain runway surfaces to prevent safety risks. The repair is subject to weather conditions.

Learn about airfield maintenance funding sources: https://dwuconsulting.com/ask?q=What%20funding%20sources%20are%20available%20for%20runway%20rehabilitation%20projects

Aviation Week

IAH Houston Bush Intercontinental Begins 90-Day Runway 9/27 Resurfacing Project

Houston's George Bush Intercontinental Airport began a 90-day resurfacing and lighting upgrade on its 10,000-foot Runway 9/27, one of the airport's longest and most heavily used runways. The project involves grinding, re-texturing, and re-grooving 1.5 million square feet of concrete to restore friction and drainage performance. The project is funded by FAA grant money.

Compare runway rehabilitation techniques and costs: https://dwuconsulting.com/ask?q=What%20are%20typical%20runway%20resurfacing%20costs%20per%20square%20foot

Aviation Week

Traffic & Data

TSA Reports Record Spring Break Travel with 2.78 Million Screened March 8

TSA screened 2,781,523 travelers on March 8, one of the busiest days in recent months as spring break travel peaks. Airlines for America projects 171 million passengers between March 1 and April 30, 2026, a 4% increase over the previous year. However, checkpoint wait times reached three hours at several airports due to staffing shortages linked to the government shutdown.

Understand how passenger volume affects airport revenue forecasts: https://dwuconsulting.com/ask?q=How%20do%20enplanement%20growth%20rates%20impact%20airport%20revenue%20projections

Vax-Before-Travel

HOU Houston Hobby Airport Reports 3.5-Hour TSA Wait Times During Shutdown

William P. Hobby Airport experienced security wait times averaging 3.5 hours on March 8, with Houston Airports advising passengers to arrive four hours before departure. The delays stem from TSA staffing shortages as approximately 50,000 TSA screeners work without pay during the partial government shutdown that began February 13.

Learn how operational disruptions affect airport cost-per-enplanement: https://dwuconsulting.com/ask?q=How%20do%20TSA%20delays%20impact%20airport%20operational%20costs

Adept Travel

United, American, Delta Announce New International Routes for 2026

Major U.S. carriers are launching dozens of new international routes in 2026. United debuts service to Split, Bari, and Santiago de Compostela from Newark, while American adds Dallas-Athens and Philadelphia-Budapest flights. Delta plans its largest transatlantic schedule with over 650 weekly flights to nearly 30 European destinations.

See how new international routes affect airport revenues: https://dwuconsulting.com/ask?q=How%20do%20international%20routes%20compare%20to%20domestic%20in%20airport%20revenue%20per%20enplanement

Newsweek

Analyze how spring break travel patterns affect airport revenue forecasts →

Regulatory & Policy

Global Entry Program Restarts March 11 After Shutdown Suspension

U.S. Customs and Border Protection restarted Global Entry on March 11 after suspending the program on February 22 during the partial DHS shutdown. While the trusted traveler program has resumed, TSA checkpoint strain continues at airports including Houston, Charlotte, and Atlanta.

Understand how federal programs affect airport operations: https://dwuconsulting.com/ask?q=What%20federal%20programs%20impact%20airport%20passenger%20processing

Adept Travel

FAA Releases Final Year Airport Terminal Program Funding Notice

The FAA released the notice of funding opportunity for approximately $1 billion in FY2026 Airport Terminal Program grants on December 9, with applications due January 15, 2026. This marks the fifth and final year of ATP funding under the Infrastructure Investment and Jobs Act. The Biden administration's 'good-paying jobs' criterion was removed from the application.

Learn about federal grant eligibility requirements: https://dwuconsulting.com/ask?q=What%20are%20the%20eligibility%20criteria%20for%20FAA%20Airport%20Terminal%20Program%20grants

AAAE

Industry Context

IATA Projects $41 Billion Airline Industry Profit for 2026

The International Air Transport Association forecasts airlines will achieve a combined net profit of $41 billion in 2026 with a 3.9% net margin, up from $39.5 billion in 2025. Total industry revenues are expected to reach $1.053 trillion, with passenger numbers projected at 5.2 billion. However, return on invested capital remains below the weighted average cost of capital.

Explore how airline profitability affects airport negotiations: https://dwuconsulting.com/ask?q=How%20does%20airline%20financial%20performance%20affect%20airport%20rate%20negotiations

IATA

American Airlines Reports Q4 Revenue Impact of $325 Million from Government Shutdown

American Airlines reported fourth-quarter net income of $99 million, down from $590 million a year earlier, with the government shutdown negatively impacting revenue by approximately $325 million. The carrier expects 7-10% revenue growth in Q1 2026 and projects nearly $2 earnings per share improvement versus 2025.

Analyze airline financial trends affecting airport planning: https://dwuconsulting.com/ask?q=How%20do%20airline%20earnings%20affect%20airport%20capital%20planning

CNBC

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