Capital investments on behalf of The Port Authority of New York and New Jersey result in the long-term economic growth for the port industry, according to the 2020 Economic Impact Study by the New York Shipping Association. Investments close to $2.9 billion across projects spanning waterside, terminal, and landside infrastructure and equipment have reshaped and repositioned the Port to meet 21st-century needs.
The raising of the Bayonne Bridge in 2017, has enabled neo-Panamax vessels exceeding 14,000 TEUs to call on all container terminals at the Port of New York and New Jersey. Additional significant investments included terminal buildings and berths, cargo handling equipment, intermodal rail infrastructure, completion of the Port Jersey on/near dock ExpressRail facility, roadways, security, and information systems.
The total one-time economic impact over the 2014-2019 construction and investment period for the 31-county region was:
- Nearly 14,400 direct jobs
- Close to 25,200 total regional jobs
- $2 billion in personal income
- $4.9 billion in business activity
- $607 million tax revenues, with local and state tax revenues of $207 million and federal tax revenues of $400 million
These investments elevated the performance of the Port of New York and New Jersey, leading to year-over-year record-breaking growth. Since the last economic study of 2016, cargo numbers increased:
- 6.7 million TEUs (2017)
- 7.2 million TEUs (2018)
- 7.4 million TEUs (2019)
For more information, read the full report here.