The port industry in New York and New Jersey accounted for nearly $12 billion in tax revenue, supported more than 500,000 jobs, and was responsible for $36.1 billion in personal income and $99.5 billion in business income in the region in 2019, according to a new economic impact study released Tuesday by the New York Shipping Association.
That information was announced during a Zoom press conference held by the Shipping Association to discuss its 2020 Economic Impact Study about Port of New York and New Jersey hosted by association President John Nardi with Port Authority of New York and New Jersey Deputy Director Bethann Rooney; North Jersey Transportation Planning Authority Chair Kathryn DeFillippo; NAIOP New Jersey Chief Executive Officer Michael McGuinness; and NJTPA Freight Planning Director Anne Strauss-Wieder presenting.
The study, which offers a snapshot of the years between 2016 through the end of 2019, shows the Port Industry of New York and New Jersey continues to serve as a major economic engine for the region, supporting jobs and generating personal and business income and tax revenue. It looked at the port’s impact on a 31-county region in New York, New Jersey and Pennsylvania and provides data on the economic impact to the entire states of New York and New Jersey.
In New Jersey, the study shows the port industry currently employs 200,350 direct jobs and 428,300 total jobs in the state—a 24.3 percent increase over 2016.
It also indicates the port brings in more than $29.3 billion in personal income and over $80.4 billion in business income, has more than $9.8 billion in federal, state and local tax revenues, with local and state tax revenues over $3.5 billion and federal tax revenues of nearly $6.3 billion.
Supported by nearly $2.9 billion in recent infrastructure investment – including the raising of the Bayonne Bridge – the Port of New York and New Jersey has become the second-largest container port in the United States and been repositioned to meet 21st century needs, including new larger neo-Panamax vessels.
“The NJTPA focuses on maintaining and improving infrastructure for all users, including the roads and rails that keep freight moving through the region,” said DeFillippo, a Morris County Freeholder. “This report highlights the impact those investments have on our region’s economy, including supporting more than 100,000 new jobs since 2016.”
From 2014 to 2019, public agencies and private port operator investments in the port totaled nearly $2.9 billion, including the raising of the Bayonne Bridge and improvements in terminal buildings and berths, cargo handling equipment, intermodal rail infrastructure, roadways and more.
The total one-time economic impact of these investments was nearly 14,400 direct jobs and 25,200 total jobs in the region; $2 billion in personal income; $4.9 billion in business activity; and $607 million in federal, state,and local tax revenues, including $207 million in state and local tax revenues and $400 million in federal tax revenues.