ELIZABETH, NJ-With a 3.5% increase since 2008, jobs generated by the Port of New York and New Jersey have now exceeded pre-recession levels, according to a new study of the economic impact of port operations on the city in 2010. The study, prepared for the New York Shipping Association and New York Maritime by Westfield, NJ-based A. Strauss-Wieder, reports that more than 279,200 jobs are generated by the port’s activity.
“There are not too many bright spots if you look around,” said Joseph C. Curto, president of the New York Shipping Association, in a press conference announcing the report’s results. “This is one of those bright spots.”
The Port of New York and New Jersey is the largest port on the East Coast, the third largest port in the United States by volume, and the second largest in value, serving more than 35% of the US population. Port operations provide a total of 279,200 full-time jobs in the region, $11.6 billion in personal income, nearly $37.1 billion in annual business income and nearly $5.2 billion in federal, state and local tax payments.
Much of the growth is due to private investments made in the port since 2006, including deepening the channels, terminal expansions, and new terminals in Jersey City and Bayonne. The result was that by 2010, container volumes exceeded 2008 levels. “Even with dynamic economic conditions, the port moved to solidify its position as a global hub,” Curto says.
Investments to be made between 2012 and 2017 are expected to generate some 3,400 direct jobs and 6,900 total jobs annually, assuming that the Bayonne Bridge construction is completed by 2017, the study says. “We’re back to where we were in 2007 and maybe a little bit more,” Curto said. “It doesn’t translate to all the jobs we lost, but cargo is back.”
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