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 as personal and business income, plus incoming tax revenues associated with port operations. Most of this growth took place in the state of New Jersey.
For instance:
- In 2016, the port boasted 400,000 total jobs, up from 336,000 in 2014 and 296,000 in 2012.
- The total number of jobs included 229,000 direct jobs.
- In 2016, the port produced $25.7 billion in personal income and $64.8 billion in business income, for a total of $90.5 billion, up $17 billion from numbers cataloged in 2014.
- Federal, state, and local tax revenues rose $1.4 billion over the $7.1 billion logged in all three categories for 2016.
- The greatest number, and fastest growth in jobs, was declared in the warehousing and distribution sector, and attributed to the recent boom in ecommerce.
Also worth noting, in 2016, the region’s maritime facilities handled:
- Nearly 6.3 million twenty-foot equivalent containers (TEUs);
- Close to 663,000 vehicles;
- Nearly 47.4 million tons of bulk cargo;
- Nearly 140,000 tons of breakbulk cargo;
- 260 cruise vessels.
Click here to download a copy of The Economic Impact of the New York-New Jersey Port Industry.
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