Bistate port expands impact on economies in three states

Business is up and the impact study by the New York Shipping Association Inc. (NYSA) shows impressive increases in jobs and revenue for the region. Business associated with the Port of New York & New Jersey continues to increase its regional economic impact, according to the latest study report from the New York Shipping Association Inc. (NYSA). The report, released Sept. 16 by the NYSA, said that, in 2014, operations of the bistate port supported a total of 336,599 full-time jobs in a 31-county region encompassing portions of New York, New Jersey and the Lehigh Valley area of Pennsylvania. That’s up 14% from 296,000 such jobs supported in 2012. The report also showed that the Port of New York & New Jersey in 2014 generated: •190,067 direct jobs, • More than $21.2 billion in personal income, • Almost $53.5 billion in business income and • Nearly $7.1 billion in federal, state and local tax revenues. Furthermore, according to the report, the nearly $2.2 billion in port infrastructure projects undertaken between 2010 and 2015 annually supported 2,960 direct jobs and 4,925 total jobs while generating more than $1.7 billion in personal income, almost $3.6 billion in business income and $620 million in federal, state and local tax revenues over the five-year period. “Containerized cargo movements grew as the national economy recovered, international trade expanded and shippers shifted cargo movements away from West Coast port uncertainties,” according to the report’s executive summary. “International bulk movements of commodities such as petrochemicals decreased as use of domestic crude oil increased. “Supply chain operations have rapidly grown as residents and businesses increasingly embraced fast-paced ecommerce,” the summary added. “The region’s warehousing and distribution center industry’s full recovery from the Great Recession was evident in the tightening supply of available facilities and new construction throughout the area,” according to the report. “Supply chains continued to shift, with more of the distribution center facilities receiving and shipping product through the port rather than ‘land-bridging’ shipments through the West Coast ports.” Indeed, the warehousing sector was identified as accounting for 206,613 total jobs in 2014 – more than 61% of all port-supported employment. The report was prepared by Westfield, N.J.-based A. Strauss-Wieder Inc. for the NYSA, which represents the interests of the port’s employers and ocean carriers. “The employers and employees of the port community support the businesses and population of the largest and most affluent consumer market in the world,” said John J. Nardi, president of the NYSA.