US Airports Tapped $24 Billion of Muni Debt in Record Borrowing

Airports spanning from Atlanta to San Francisco are deep in renovations as they work to keep up with booming passenger volumes, while upgrading outdated terminals and concourses.

To fund the investments, their operators are embarking on multi-billion-dollar capital plans, which are predominantly financed in the municipal-bond market.

Airports sold nearly $24 billion of debt in the muni market in 2025, marking an annual record and a 12% increase from the prior year, according to data compiled by Bloomberg. The municipal bond market more broadly hit record levels of issuance last year, surpassing $560 billion.

“There’s a lot of aging airport ...