Investment of $250 million could help port of New York and New Jersey beat competition
Before New York was a capitol of finance or fashion, it served as the nation's port. Today, that tradition continues. The Port of New York and New Jersey (PANYNJ) is still the nation's third largest port and the single largest oil importing port in the country, supporting 279,200 jobs and generating over $39 billion in business income. Keeping pace with the nation's largest ports, however, isn't guaranteed.
Fortunately, the Port of New York and New Jersey will soon be getting a welcome upgrade, thanks to a $250 million project announced April 18. Co-sponsored by PANYNJ and the New York Economic Development Corporation, the upgrade will deepen the New Anchorage channel and replace outdated water siphon tunnels between Brooklyn and Staten Island with new, deeper siphon tunnel.
“New York Harbor has been a critical part of our economy since the founding of our great city some 400 years ago,” said Mayor Michael Bloomberg on April 18. “And if we want New York City’s economy to stay competitive, we must accommodate new mega-ships and their cargo. This investment in our infrastructure will spur economic activity all along our working waterfront.”
Once dredged, the New Anchorage channel will be able to accomodate the new fleet of post-Panamax ships that can carry more than the Panama Canal maximum of 12,500 containers -- giving PANYNJ a competitive edge over other smaller ports on the Eastern Seaboard.
Photo: New York City Economic Development Corporation
This post was originally published on Smartplanet.com