THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY AIRPORTS PLAY PIVOTAL ROLE IN REGIONAL ECONOMY
Date: Oct 20, 2005
Press Release Number: 122-2005
New Economic Report Reveals Wide Range of Benefits, Including $57 Billion in Annual Economic Activity Derived from JFK, Newark Liberty and LaGuardia Airports
(click here for the full report)
Nearly half a million jobs generating more than $20 billion in wages and $57 billion in annual economic activity in the New York-New Jersey metropolitan region are derived from flight operations, airport investments and tourism directly supported by John F. Kennedy International, Newark Liberty International and LaGuardia airports, according to an economic analysis of the three major airports that was issued today by the Port Authority.
The report, prepared by the agency’s Office of Policy and Planning, found that the three airports are a pillar of the region’s economy and support a wide range of industries.
“We’ve always known how important our airports are to the New York metropolitan area,” New York Governor George E. Pataki said. “Combined, JFK and LaGuardia airports were responsible for 328,000 jobs and more than $38 billion in economic activity in 2004. These statistics underscore how crucial these economic engines are for the people who live and work in the region.\"
Acting New Jersey Governor Richard J. Codey said, “Newark Liberty International Airport remains New Jersey’s most important transportation facility. In 2004, the airport was responsible for 157,000 jobs and more than $19 billion in economic activity.
Recent redevelopment projects and expanded airline service from Newark Liberty International Airport provide evidence that New Jersey’s economy continues to grow.”
Port Authority Chairman Anthony R. Coscia said, “More people are flying again and our airports find themselves in the midst of a significant resurgence. There is a direct correlation between the increase in the number of passengers and the increase in economic activity in this region. Our 10-year strategic plan assists us in handling the growth with smart and sensible solutions that will improve and enhance our customers’ travel experience.”
Port Authority Vice Chairman Charles A. Gargano said, “The region’s economy relies heavily upon our ability to keep commerce and people moving quickly and efficiently. As this economic report illustrates, the Port Authority’s airport system plays a vital role in the regional economy. That’s why we continually work to improve our airports, preparing for the future, when we expect as many as 140 million annual passengers at the three major airports.”
Port Authority Executive Director Kenneth J. Ringler Jr. said, “The recent $14 billion public-private redevelopment projects at our airports have delivered unprecedented services to our customers: AirTrain JFK and AirTrain Newark, new and redeveloped terminals, more efficient roadway systems, new parking garages and upgraded utilities. These improvements, together with wide-ranging security initiatives at our airports and all of our transportation facilities, underscore our commitment to the traveling public and to the economic health of the region.”
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 system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook 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.