More than 296,000 jobs and $53.3 million in revenue are generated by activity in the Port of New York and New Jersey, according to a study commissioned by the New York Shipping Association released Tuesday.
"The independent economic impact study of port operations showed that jobs directly associated with port activity increased by more than six percent since 2010, the last time a similar comprehensive economic impact analysis was conducted," said the NYSA.
The analysis was prepared by A. Strauss-Wieder, Inc., of Westfield, N.J., and reflects the economic impacts associated with the port industry in New York and New Jersey in 2012.
The study said the port creates 165,350 direct jobs and 296,060 full-time jobs in the region. That's up from 279,200 full time jobs in 2010.
"The growth was most evident at locations outside of the port facilities — at the warehouses and distribution centers that have grown in number and size, as well as increasing received cargo from the port. It is anticipated that as additional waterfront workers are hired in 2013 and beyond, the impacts on-site and rippling through the region will continue to grow," the report said.
In 2012 the port handled 5.5 million TEU, 51 million tons of bulk cargo, 187,000 tons of breakbulk cargo, 707,000 vehicles and had 325 cruise ship calls.
The study said the "region’s warehousing and distribution industry accelerated its recovery. The expansion of vessel rotations providing direct Asian to East Coast service, the port’s role as a premiere gateway, the region’s population concentration, and the region’s known value as a distribution platform combined to create a new trend — an increasing number of the new larger distribution centers, particularly those serving retail businesses, received cargo from vessels calling on the port rather than land bridged by rail from West Coast ports."
The economic impact model used in the study said the port "supported" in 2012:
- $18.3 billion in personal income
- Nearly $28.9 billion in business income
- Almost $6.1 billion in federal, state and local tax revenues
“Ocean shipping is the most economically efficient and environmentally sound method for the transshipment of import and export cargo, but the public too often does not understand its impact given the bulk of activity happening on the ocean. This study aims to bring the true value of the ports to the surface,” said John Nardi, president of the NYSA.