The Port Authority of New York & New Jersey conceives, builds, operates and maintains infrastructure critical to the New York/New Jersey region's trade and transportation network. These facilities include America's busiest airport system, marine terminals and ports, the PATH rail transit system, six tunnels and bridges between New York and New Jersey, the Port Authority Bus Terminal in Manhattan, and the World Trade Center.
For more than eight decades, the Port Authority has worked to improve the quality of life for the more than 17 million people who live and work in New York and New Jersey - a region that supports 8.6 million jobs with an estimated gross regional product of more than $929 billion.
The Port Authority of New York & New Jersey was established on April 30, 1921. It was the first bistate agency ever created under a clause of the constitution permitting compacts between states with congressional consent. Its area of jurisdiction is called the Port District, a region within a radius of approximately 25 miles of the Statue of Liberty. The Port Authority was created to promote and protect the commerce of the Port District and to undertake port and regional improvements not likely to be financed by private enterprise, or that would not be attempted by either state alone. These include the development of major infrastructure: a modern port for the harbor shared by the two states, tunnel and bridge connections between the states, and, in general, trade and transportation projects that secure the region's economic well-being.
Today, as was envisioned in 1921, the Port Authority is a financially self-supporting entity. It does not receive tax revenue from either state or from any local jurisdiction and has no power to tax, nor does it have the power to pledge the credit of either state or any municipality. The Port Authority relies primarily on revenue generated from facility operations-tolls from its bridges and tunnels between New York and New Jersey, user fees from the airports and the bus terminals, fares on its rail transit system, and rent from facilities, consumer services and from retail stores.
The agency has a long-standing sound financial record and routinely receives high ratings for its debt offerings.
The Port Authority is authorized to plan, develop and operate terminals and other facilities of transportation, economic development and world trade that contribute to protecting and promoting commerce in the Port District.