Most people know the Port of New York and New Jersey is the largest container operation on the East Coast — and one of the largest in the world.
But many don’t know the true impact. How about:
- Nearly 580,000 jobs;
- More than $18 billion in tax revenue
- Contributor to $57.8 billion in personal income in the region;
- Responsible for $163.7 billion in business income.
All of this can be found in the 2024 economic impact study released Thursday by the Shipping Association of New York and New Jersey.
The new report summarizes two separate regional economic impact streams generated by the New York-New Jersey Port industry:
- The ongoing economic value of Port operations based on the 2024 international cargo and passenger flows and the economic value associated with the hundreds of millions of public and private sector dollars invested in Port-related infrastructure from 2020-2024;
- The billions of dollars anticipated to be invested over the next five years.
The study, done every two years, assessed the Port’s impact on a 31-county region in New York, New Jersey and Pennsylvania. It also provides data on the economic value generated for the entire states of New York and New Jersey.
The report continues the economic impact series that has been issued by the Shipping Association, with the support and input from Port Partners, for more than ten years.
Anne Strauss-Wieder, senior Freight and Logistics Researcher at the Rutgers Center for Advanced Infrastructure and Transportation (CAIT) and a Lecturer at the Edward J. Bloustein School of Planning and Public Policy, said that impact has been driven by a multitude of factors and entities.
“The Port’s role in driving economic prosperity has been made possible through the significant multimodal investments — past, present, and planned — from both the public and private sectors,” she said. “These investments, along with strong collaboration, coordination, and communication among the Port’s partners, customers, and suppliers, have enabled the Port to grow and sustain its position as a key international trade gateway.”
The economic drivers of the Port are continually adjusting.
Since the 2022 report, the super surge in cargo movements has subsided – and new disruptions affecting international cargo movements have emerged.
But even with the evolving conditions, the economic value generated by international cargo and passenger operations in the Port of New York and New Jersey has increased since 2022. An increased number of cruise passengers utilized the Port in 2024, and the region’s industrial space continued to grow with millions of square feet added and occupied.
Of course, jobs always is the top metric.
According to the study, the Port Industry currently employs 277,800 workers and supports another 302,200 indirect and induced jobs — an increase when compared to the 563,700 jobs supported by Port operations in 2022.
“The growth of the New York- New Jersey Port Industry continues to be the fuel that drives the economic engine of the region, generating over 16,000 additional jobs compared to our 2022 report,” Shipping Association of New York and New Jersey President John Nardi said.
As a result of this growth, the region’s maritime facilities handled:
- Nearly 8.7 million twenty-foot equivalent containers (TEUs);
- Over 410,000 vehicles;
- Nearly 68,000 tons of breakbulk cargo and 36.1 million tons of bulk cargo;
- 331 cruise vessels and nearly 2.4 million passengers.
Bethann Rooney, Port director at the Port Authority of New York and New Jersey, put that in perspective.
“These extraordinary numbers underscore the Port of New York and New Jersey’s critical role as a cornerstone of the regional economy, supporting 580,000 jobs, generating billions in income, and driving significant tax revenues that benefit communities across three states,” she said.
“This scale of impact is only possible because of the unique collaborative spirit we’ve built with partners across the supply chain. Together, we’ve proven our ability to adapt to new challenges while continuing to lay the foundation for a busier, more resilient, and more sustainable future at the port.”
“The Port and the logistics industry are the present and the future of New Jersey’s economy. There is likely no other industry that supports this many jobs and this much revenue, creating countless opportunities for working people in our state. The Port continues to shine, a credit to all who keep goods and services moving through New Jersey. We thank coalition members the Shipping Association of New York and New Jersey and Anne Strauss-Wieder for their amazing work in bringing this information to the forefront,” David Greek, Managing Partner at Greek Development and Chair of Circulate NJ said.
About SANYNJ: The Shipping Association of New York and New Jersey Shipping Association of New York and New Jersey is a membership organization comprised of the ocean cargo carriers, terminal operators, stevedores, and marine-related businesses that operate the ships, move the cargo, train and employ the laborers, provide and maintain the equipment, that moves more than $200 billion in products to and from the largest and richest consumer market in the world.
SANYNJ negotiates the collective bargaining agreement with the International Longshoremen’s Association and the Port Police and Guards Union. For more information about the study, please click here.
