NEWS |
110-98: FOR IMMEDIATE RELEASE , August 5, 1998
Job and income growth is expected to remain above average over the next two years, but to moderate from 1997's robust growth rate, the report found. In 1997, the region registered its strongest growth in more than a decade. Gains were broad-based across most sectors of the economy as the region added some 133,000 jobs in 1997, a growth rate of 1.8 percent. Wages rose a strong 6.9 percent, while inflation fell to 2.3 percent - a 33-year low.
The report also includes a special section about the Asian economic crisis, predicting a relatively modest impact on the New York-New Jersey region.
In addition, the report describes strong growth in the Port Authority's transportation businesses in 1997. The number of air passengers rose 3.6 percent to a record total of nearly 84 million. Interstate travel over Port Authority bridges and tunnels increased 3.9 percent to a record 118 million vehicles, and international trade through the region's ocean and air cargo facilities rose to a record $167 billion.
Copies of the full report, "Regional Economy Review and Outlook for the New York-New Jersey Metropolitan Region," are available to members of the new media from the Port Authority media relations office, (212) 435-7777.
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