THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY TRANSPORTATION FACILITIES EXPERIENCE TRAFFIC DECLINES IN NATIONAL ECONOMIC DOWNTURN

Date: May 12, 2009
Press Release Number: 54-2009

The Port Authority saw declines at agency tunnels, bridges, airports, the PATH system and seaport during the first quarter of 2009.

The declines are due primarily to the economy, including job losses on Wall Street and throughout the New York-New Jersey region, as well as the global financial downturn that is impacting everything from tourism to international cargo to and from the port.

During the first quarter of 2009, these impacts were experienced at agency facilities:


The agency pointed out its overall fiscal condition remained sound. Much of the Port Authority’s revenue stems from stable leases and fees, and the agency has already instituted measures to reduce expenses, including a zero growth operating budget in 2009.

Port Authority Chairman Anthony R. Coscia said, "The economic downturn is having an impact on business throughout our region, and these statistics show the Port Authority is no exception. Our overall financial position remains sound, but we need to tighten our belts and focus our limited resources on making the essential transportation investments that keep the region moving."

Port Authority Executive Director Chris Ward said, "The Port Authority isn’t recession proof and that’s becoming more and more clear as our facilities report their activity levels. Fortunately, we have already instituted a range of measures like a zero-percent growth operating budget to adjust to this economic reality. We will have to continue to make these difficult spending decisions to position the region for future growth."

The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.

The Port Authority is financially self-supporting and receives no tax revenue from either state.