General Business
May 29, 2024
The Port Authority of New York and New Jersey today announced the outlines of a significant, multifaceted investment package in partnership with the U.S. Army Corps of Engineers to improve the safety and efficiency of shipping at the East Coast’s busiest container port.
This investment will measurably improve the safety and efficiency of the Port of New York and New Jersey while enabling further growth in this national economic hub that supports more than 500,000 local jobs and the movement of more than $200 billion in goods annually.
New investments include more than $50 million provided through the Port Maintenance Trust Fund for port berth maintenance dredging, berth rehabilitation and berth reconstruction.
Additionally, another $32 million project will deepen Gravesend Anchorage, outside the Kill Van Cull Channel, from a current depth of 47 feet to 50 feet, providing a place for larger ships to anchor between Ambrose Anchorage in the Atlantic and the port’s container terminal. Anchorage space wide and deep enough to accommodate the largest container ships calling at the Port of New York and New Jersey will improve the safety and efficiency of the port, allow larger ships to approach the port for inspection, refueling or in inclement weather, and provide an emergency shelter in case of mechanical or navigational problems.
During the pandemic, the Port of New York and New Jersey handled cargo volumes ranging from nearly 19% to more than 47% higher than pre-pandemic volumes. In 2022, the Port Authority was the nation’s busiest port for four consecutive months during the industry’s peak shipping period. The Port of New York and New Jersey is currently the nation’s second-busiest port and a vital link in the global supply chain.
“For nearly 50 million people across several states, our port provides them with food to eat, shoes to wear and a bed to sleep in,” said Port Authority Chairman Kevin O’Toole. “The port is a cornerstone of our regional economy, and now we’re making that foundation even stronger with a multi-million dollar investment alongside our longtime partner, the U.S. Army Corps of Engineers.”
“Our Port’s flexibility and efficiency enabled us to absorb an unprecedented surge in cargo during the pandemic and assist when disaster struck Baltimore’s Francis Scott Key Bridge,” said Port Authority Executive Director Rick Cotton. “The Port’s success is built on our partnership with the Army Corps of Engineers, and we thank them for their long-standing support of the Port of New York and New Jersey.”
“Working with the Port Authority, the states of New York and New Jersey, and the U.S. Coast Guard is essential to ensure the port remains competitive and maintains its capacity to handle the large container ships that help drive our nation’s supply chains and bolster economic growth,” said Michael Conner, assistant secretary for civil works at the U.S. Army Corps of Engineers. “This plan is a major priority for the Biden Administration and lays out a consensus vision and strategy for the future ecological restoration of the region, which, combined with upcoming navigation improvements, will ensure the Port of New York and New Jersey remains a first-class port for years to come.”
“This partnership with the Army Corps of Engineers helps the Port of New York and New Jersey strengthen its international reputation as a safe, stable and efficient commercial gateway for customers in America’s most densely populated region,” said Port Authority of New York and New Jersey Port Commissioner Bethan Looney. “These projects will enable our port to serve a region that is seeing a steady increase in demand for overseas products. The increased levels of cargo we saw during the pandemic will return as the new normal, and we, along with everyone in the supply chain, must prepare now for that future.”
The package of waterway improvement initiatives complements the Port Authority’s investments in the port’s land access, which includes an ongoing $220 million project to redesign and reconstruct the Port of Newark’s northern entrance at Port Street and Corbin Street. The interchange serves as a vital link to the New Jersey Turnpike and Interstate 78, providing access to one of the port’s busiest marine facilities. Additionally, the Port Authority is investing more than $600 million to modernize the on-dock complex that connects the port to the national freight rail network, providing greater flexibility for port stakeholders.
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