New terminal part of $4.8 billion DFW Airport expansion

DFW Airport will add a sixth terminal with 15 new gates by the end of 2026, at a cost of $1.6 billion.

Driving the news: The airport and Fort Worth-based American Airlines announced a new 10-year lease agreement, which includes $4.8 billion for the construction of Terminal F and updates at other terminals, namely the outdated Terminal C.

Why it matters: DFW Airport has been a boon for the region since it opened nearly 50 years ago, making it easier for businesses to move to North Texas and drawing new residents.

The big picture: The region's population is booming, and DFW Airport has been the second busiest in the world for the past two years, with almost 73.4 million passengers passing through its terminals in 2022.

• Airport officials predict a record 78 million passengers will travel through DFW this year, surpassing the previous high of 75 million in 2019.

State of play: American Airlines last month reported a first-quarter profit for the first time in four years, and the company is preparing for a busy summer as travel demand rebounds from the pandemic.

• And, the carrier has been increasing its international flights out of DFW.

Details: Construction on Terminal F is expected to begin next year.

• Terminals A and C will also be expanded over the next five years, adding nine gates. Those renovations are expected to cost about $2.7 billion.
• The 24 existing gates in Terminal C will be updated as part of the project.

The intrigue: Though the Dallas-Fort Worth region is big enough in population and geographic span to support more airports, it has just two — DFW and Dallas Love Field, which has only 20 gates.

• In balloting on May 6, McKinney voters rejected a $200 million bond proposal to pay for a passenger terminal at the city's airport.