NEWS |
130-00: FOR IMMEDIATE RELEASE , September 26, 2000
Port Authority Executive Director Robert E. Boyle said, “The New York-New Jersey region closed out the 20th century with an economic boom. Not only did regional employment reach an historic high, but for the first time in nearly 20 years the region outpaced the gains of the national economy.” And the agency forecasts that economic growth in the region will match national growth over the next few years, for the first time in recent memory.
The outlook for the region anticipates the good times will continue at a somewhat tempered pace, mirroring the patterns of gradually slowing growth through most of the nation. For 2000, regional employment is expected to grow by 2.1 percent, slowing to 1.4 percent in 2001. In 1999, the growth rate was 2.5 percent.
Port Authority Chairman Lewis M. Eisenberg said, “The Port Authority’s Commissioners, at the direction of Governors Pataki and Whitman, are supporting this surging economy by accelerating the agency’s capital plan to its fastest pace ever. In 1999, the agency invested $992 million in regional infrastructure, including the AirTrain light rail system to and throughout JFK International Airport; massive road and parking improvements at Newark Airport, as well as the beginning of construction to connect the airport to the Northeast rail corridor; the renovation of PATH stations; and projects to deepen the harbor’s shipping channels to accommodate larger cargo vessels. Such major transportation investments are crucial if we are to sustain our region’s growth.”
Among the report’s other findings:
-- The NY-NJ region is now one of the unquestioned leaders of the nation’s current economic expansion, which is the longest in history. More than three quarters of a million regional jobs have been added since 1992. Gains in 1999 far outweighed those generated by other US regions. In 2000, NY-NJ is expected to remain among the leaders in regional job generation.
-- The service sector has been the “star performer” in the regional economy. Growth in service jobs has averaged 3.9 percent in each of the past three years. The sector is responsible for more than 600,000 regional jobs since 1992.
-- The region is in the midst of a construction boom not seen for the better part of a decade. Construction jobs jumped 8.9 percent in 1999, on top of a 7.6 percent gain the previous year. Much of the recent boom has involved new residential construction and retrofitting of existing office buildings, rather than new office construction. Above-average growth in construction is expected to continue in 2000.
-- All geographic subsectors of the region – New York City, Northern New Jersey, and the New York Suburbs – shared in the economic surge of the late 1990s.
The Port Authority defines the New York-New Jersey metropolitan region as a 17-county area spanning the five counties of New York City, the New York suburbs of Nassau, Rockland, Suffolk and Westchester, and the eight Northern New Jersey counties of Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union.
The Port Authority’s Regional Economy Review and Outlook is the most detailed compendium of regional economic and transportation data and analysis available. It is distributed to more than 2,500 private and public organizations, including banks, real estate companies, transportation planners, government agencies and political leaders throughout the bistate region. The full report may be read or downloaded at the Port Authority’s web site, www.panynj.gov.
end