NEWARK-Activity levels at the Port Authority’s six bi-state crossings continued to decline during the first quarter of 2010.
At the Port Authority’s six bi-state crossings, traffic dropped 2%, from 28.1 million in the first three months of 2009 to 27.5 million vehicles during that same period in 2010. Truck traffic, which generates significant revenue for the Port Authority, also declined by 2.1%. At the Port Authority’s major airports, traffic rose 1.3% during the first three months of 2010, buoyed by a 5.8% increase in international travel. The slight rebound followed a 4.8% drop in airport passengers in 2009.
On a brighter note, traffic at the major seaport terminals showed improvement, with loaded cargo containers measured in TEUs (20-foot equivalent units) increasing 9.6% during the first three months of 2010 as compared to the same period in 2009. Imports rose 9.8% during the first quarter of 2010, while exports were up 9.6%. The increase follows a significant decline in 2009 when seaport cargo dropped 12.7%, the biggest one-year decline in nearly 25 years. As a result, port activity still remains 6% below first quarter 2008 levels.
The Port Authority said its own fiscal condition remained sound thanks to numerous cost-containment efforts the agency has taken in anticipation of the economic decline, including implementing two consecutive years of zero-growth operating budgets and staff reductions and scaling back its long-term capital program. Port Authority Chairman Anthony R. Coscia said, “The latest numbers show that the national recession continues to impact our businesses, though we’re beginning to witness signs of a return to growth in the future. In the meantime, we will continue to control costs and to meet our commitments.” Port Authority executive director Chris Ward added, “The Port Authority is not recession proof, and the agency’s traffic volumes continue to lag the nation’s economic recovery. That is why we will continue to take the fiscal measures necessary to ensure the agency meets its obligations to the region on a sound financial footing.”
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