One thing shouldn’t be forgotten when discussing all the benefits the Hudson Tunnel Project will have for commuters and businesses in the region: The impact the construction of the tunnel will have on the economy.
In March, the Gateway Development Commission said the work underway for the first five projects already in construction will support more than 20,000 direct, indirect and induced full-time equivalent workers while generating $4.5 billion in economic output and $1.7 billion in labor income.
The report said the jobs and economic impact from investing in the tunnel will overwhelmingly benefit domestic workers and businesses, with 94% of the $2.2 billion in capital spending from active construction expected to remain within the U.S.
In addition, the study — which was commissioned by the GDC — said construction on the project will indirectly support labor income nationally.
GDC CEO Tom Prendergast said the project is a win-win in so many ways.
“When the Hudson Tunnel Project is complete it will deliver 21st Century transportation reliability for millions of passengers,” he said. “Today it is delivering good jobs for workers and new business for American companies.”
The good news for the local economy: The massive project is just getting started. More benefits will follow, Pendergast said.
“Every time we launch work on a new construction site for this megaproject, we have a major positive impact on the economy,” he said. “It’s essential that we keep up the forward momentum and remain vigilant about its scope, schedule, and budget.”