At a press conference held last week, the New York Shipping Association (NYSA) released its 2017 report, The Economic Impact of the New York-New Jersey Port Industry. The seventh iteration of this study, the document examines the Port of New York and New Jersey’s economic activity in 2016, and concludes that “The significant economic contribution the Port of New York and New Jersey makes to this region [was] demonstrated once again” during that year. The document shows that, in the two years since NYSA’s previous Economic Impact report, which covered 2014, the port has significantly increased the number of jobs it offers, as well asRead More →

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In: Econ Insight, Industry News/Advisory, Trade Stats

Port officials today announced cost reductions for use of the Port of New York and New Jersey. Effective May 1, 2016, the container charge for containers whose destination lies within 260 miles of the port has been reduced by 5.3 percent from $94.00 to $89.00 in all trades except in the Bermuda Trade, which retains its rate of $25.00. The new rates further a trend to reducing operational costs at the Port of New York and New Jersey while welcoming new business and demonstrating loyalty to the old. Cargo containers whose destination lies within 260 miles of the port comprise approximately 60 percent of all containersRead More →

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In: Costs, Econ Insight, Events

The Port Authority of New York and New Jersey announced on Monday April 11, 2016 that it would undertake a comprehensive review of the Port of New York and New Jersey’s more than 3,000 acres of cargo facilities to better evaluate and plan for future growth, improve operations, and enhance revenue plus opportunities for job creation. The agency simultaneously issued a publicly advertised Request for Proposals (RFP 45736) as part of its search for a planning consultant to develop a long-range Maritime Master Plan to guide the port’s future growth and development over the next 25 to 30 years. The Port of NY & NJRead More →

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In: Capital Investments, Econ Insight, Events
Hanjin Shenzen

In a new study of the economic impacts of United States seaports on the nation economy, including those of the Port of New York and New Jersey, the evidence is overwhelming: seaports deliver prosperity. An updated report of the benefits that U.S. ports contribute to the prosperity of the nation was released on April 21 at the American Association of Port Authorities’ (AAPA) 2015 Spring Conference meeting in Washington, D.C. There, Dr. John Martin, president of Lancaster, Pa.-based Martin Associates, a leading provider of economic and strategic assessments of the world” transportation systems, debuted his firm” 2014 National Economic Impact of the U.S. Coastal PortRead More →

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In: Econ Insight, Industry News/Advisory