Economic Value of the Port Industry Grows Throughout the Region

Economic Value of the Port Industry Grows Throughout the Region

The Port of New York and New Jersey continues to serve as an integral part of the economic performance of the region, according to the 2020 New York Shipping Association Economic Impact Study. The port industry grew substantially, supporting over 500,000 jobs and $147 billion in economic activity, including federal and state tax revenue, business and personal income.

Inclusive of this report is the Port’s 2019 record-breaking performance with:

  • More than 7.4 million 20-foot equivalent containers (TEUs)
  • Close to 578,000 vehicles
  • Over 49.8 million tons of bulk cargo
  • Nearly 140,000 tons of breakbulk cargo
  • 304 cruise vessels

In general, maritime operations through the Port have increased since 2016 with:

  • Nearly 1.2 million additional TEUs handled
  • Over 2 million additional tons of bulk cargo
  • More than 40 cruise vessel calls

The report also highlights a result of increased capacity, number of TEUs handled, and the completion of capital investments such as raising the Bayonne Bridge and opening the fourth ExpressRail facility – the Port serves as a major employer year after year. Previously released economic reports demonstrate the growth in employment numbers, which have increased by more than 100,000 jobs since 2016.

For more information, read the full report here.