Economic Impacts: New York/New Jersey
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New York/New Jersey: New Study Says Seaport's Economic Value Has Grown Since 2012
A new economic impact study concludes that the economic value of the Port of New York and New Jersey has grown. It finds, for example, jobs directly associated with port activity have increased by more than 13 percent since 2012. Personal and business incomes, as well as federal, state, and local tax revenues associated with the bi-state seaport, also grew in that period.
The study goes on to cite the following impacts generated by port industry operations:
336,600 full-time jobs in the region (up from 296,000 jobs in 2012)
190,100 direct jobs
$21.2 billion in personal income
Nearly $53.5 billion in business income
Almost $7.1 billion in federal, state, and local tax revenues
In 2014, the bi-state port handled nearly 5.8 million container TEUs, 73 million metric tons of ocean borne bulk and general cargo with a total value of $207.8 billion, more than 640,080 vehicle exports and imports, and 274 cruise ship calls.
"The significant economic contribution the port makes to this region is demonstrated once again in this the sixth iteration of the economic impact study of the New York-New Jersey port industry," said NYSA President John Nardi. "Clearly the maritime industry continues to play a critical role in the vibrancy of businesses in this region."
The report can be downloaded from the NYSA website, www.nysanet.org.
A new economic impact study concludes that the economic value of the Port of New York and New Jersey has grown. It finds, for example, jobs directly associated with port activity have increased by more than 13 percent since 2012. Personal and business incomes, as well as federal, state, and local tax revenues associated with the bi-state seaport, also grew in that period.
Commissioned by the New York Shipping Association (NYSA), the new study reflects port operations as they were conducted in 2014. The data do not include the surge in cargo volumes the port experienced in the first half of 2015.
Factors considered include the movement of goods and people throughout the port district, and capital investment in the region’s port infrastructure totaling nearly $2.2 billion between 2010 and 2015. "These investments," says the report, "included substantial work to terminals, roadway, and rail infrastructure, along with extensive expenditures for new equipment."
The study goes on to cite the following impacts generated by port industry operations:
In 2014, the bi-state port handled nearly 5.8 million container TEUs, 73 million metric tons of ocean borne bulk and general cargo with a total value of $207.8 billion, more than 640,080 vehicle exports and imports, and 274 cruise ship calls.
"The significant economic contribution the port makes to this region is demonstrated once again in this the sixth iteration of the economic impact study of the New York-New Jersey port industry," said NYSA President John Nardi. "Clearly the maritime industry continues to play a critical role in the vibrancy of businesses in this region."
The report can be downloaded from the NYSA website, www.nysanet.org.
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