THE PORT AUTHORITY OF NY & NJ
Press Release Article
DRAMATIC RISE IN ASIAN CARGO IN FIRST HALF OF 2005 FUELS
STEADY GROWTH IN PORT OF NEW YORK AND NEW JERSEY
Date: Aug 30, 2005
Press Release Number: 95-2005
A continuing rise in Asian trade helped boost cargo growth by more than 10 percent in the Port of New York and New Jersey during the first six months of 2005, with a record of more than 1.6 million loaded 20-foot equivalent units (TEUs) handled during the period.
During the first half of 2005, approximately 771,000 TEUs to and from Asia were handled in the port, accounting for 46 percent of the port’s total market. Imports from Asia grew by 28 percent over the same period in 2004.
New York Governor George E. Pataki said, “The dramatic success of our port is a primary factor behind our region’s steady growth in jobs and economic activity. Last year, port-related activity resulted in nearly $2 billion in state and local tax revenues in the region, an impressive number that illustrates the port’s importance to the economy. We will continue to make sound investments in the marine terminals with our private sector partners to ensure the port remains an economic engine for the New York region.”
Acting New Jersey Governor Richard J. Codey said, “The rising cargo volumes at our port now support 232,900 jobs in the region, including high-paying positions for dockworkers, truck drivers, freight forwarders, distribution center workers and others. This is proof that the port and the freight distribution chain are vital components of New Jersey’s economy. In order to better serve this industry, the Port Authority and the New Jersey Economic Development Authority have developed an innovative program to promote the development of brownfield sites surrounding the port into freight distribution facilities, providing additional jobs for the region. With cargo volumes projected to increase in coming years, the port will continue to provide New Jersey with substantial economic benefits well into the future.”
Port Authority Chairman Anthony R. Coscia said, “The impressive increases in furniture, clothing, beverages and other valuable commodities coming into the region are a clear example of the port’s importance as a driver of our local economy. That’s why we view the port as a key component of our 10-year strategic plan, which is exploring ways to improve productivity and handle significant cargo increases into the future.”
Port Authority Vice Chairman Charles A. Gargano said, “Part of the reason for our port’s continued success is the resurgence of the Howland Hook Marine Terminal on Staten Island. Last month, we broke ground for a project that will provide rail service to the terminal for the first time. This project will ensure that Howland Hook remains a key player as the port’s cargo volumes continue to grow.”
Port Authority Executive Director Kenneth J. Ringler Jr. said, “The outstanding growth at our marine terminals has provided a welcome challenge – upgrading our world-class facilities to remain competitive with other East Coast ports. We plan to invest up to $600 million through the end of this decade to provide new and improved rail access at port terminals and to deepen the port’s channels to 50 feet. We believe these two critical components will help us to move those goods demanded by our region’s consumers in a more efficient manner.”
Port Authority Port Commerce Director Richard M. Larrabee said, “There is no question that the port’s strong growth is directly tied to increased awareness among shippers that the most cost-efficient, reliable way to deliver goods to the largest consumer market in the country is through the Port of New York and New Jersey. Our goal now is to make sure we have the infrastructure in place so that international shippers will want to continue to do business in the region.”
Overall, total loaded TEUs through the port was 1,654,483 TEUs for the first six month of 2005, compared to 1,502,037 TEUs for the same period in 2004. Imports for the period were up 11.7 percent – from 1,041,951 TEUs in 2004 to 1,164,338 TEUs in 2005. Exports rose by 6.5 percent – from 460,086 TEUs in 2004 to 490,145 TEUs in 2005.
Leading the growth of containerized imports was furniture (103,387 TEUs), up by 24.3 percent over 2004; women’s and infants’ clothing (28,311 TEUs), up by 13.2 percent over 2004; paper and paperboard (25,042 TEUs), up by 30.8 percent over 2004; and beer and ale (23,671 TEUs), up 19.4 percent over 2004. The top export category was paper and paperboard (98,940 TEUs), up 4.3 percent over 2004.
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 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 rail system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the New York Container 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.