The Port Authority of New York and New Jersey may be embroiled in controversy, but the actual port wants to make sure the region understands how critical it is to our economy. The New York Shipping Association released an economic-impact study Wednesday that showed that the port is particularly important to New Jerseyans, who most directly benefit from it economically.
Of the 190,100 direct jobs the port provided in 2014,of them were to New Jerseyans. When the ancillary impact is factored in, the study estimates that 284,800 jobs are due to the port. That translates into $16.9 billion in personal income, $43.5 billion in business income, and $5.7 billion in taxes -- including $1.8 billion in New Jersey state and local taxes.
The port continues to go through major construction in order to deepen its sea channels and raise local bridges to allow the new “Panamax” sea vessels to dock. The report noted that the port is already seeing growth as an international gateway and hub for North America, with containerized volumes increasing. Further, thanks to a shift away from the West Coast, the port is impacting supply chains throughout the region, the report added.