The Port Industry of New York and New Jersey supported nearly 580,000 jobs, accounted for nearly $18.1 billion in tax revenue, and was responsible for $57.8 billion in personal and $163.7 billion in business income in the region in 2024, according to a new economic impact study released today by 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 including 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 and the billions of dollars anticipated to be invested over the next five years.

Since the 2022 Economic Impact Assessment, the super surge in cargo movements has subsided. However, new disruptions affecting international cargo movements have emerged. 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.

The Port of New York and New Jersey is the largest container operation on the East Coast and the third largest port in the United States. In addition, 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, according to the study conducted by the Rutgers University Center for Advanced Infrastructure and Transportation (CAIT). The study 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. This 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.

“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. 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” said Anne Strauss-Wieder, Senior Freight and Logistics Researcher at Rutgers CAIT and a Lecturer at the Edward J. Bloustein School of Planning and Public Policy.

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,” said John Nardi, President of Shipping Association of New York and New Jersey.

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

“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,” said Bethann Rooney, Port Director at the Port Authority of New York and New Jersey. “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.”

It is important to note the economic impact assessment of 2024 activities in the New York-New Jersey Port Industry provides a snapshot of the contributions made by the New York/New Jersey Port Industry, as measured in jobs, personal and business income and tax revenues. This economic value steam is ongoing – the continuing activities of the Port Industry generate and sustains job and revenues. As those activities grow and evolve, the economic value generated reflects the new conditions. The substantial investments made over the last five years and anticipated to occur in the next five years support the ongoing operations and continuing economic value.