The long-awaited US$16 billion (RM70.26 billion) rail tunnel project connecting New York City and New Jersey is expected to provide the national and regional economy with a US$445 billion boost.
The construction phase of the Gateway Program will generate about $42.8 billion of economic activity in the region, according to an economic analysis by the Regional Plan Association. After completion, the tunnel will generate US$230 billion worth of economic activity in the region and another US$170 billion across the US.
The project is meant to ease congestion underneath the Hudson River by adding a new tunnel and making upgrades to the existing connector, which is more than a century old.
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Commuters that use the Northeast Corridor, including those on New Jersey Transit and Amtrak, have been subjected to service disruptions because of deteriorating rail infrastructure.
Employers in New York City stand to lose millions for every hour that a NJ Transit commuter is late getting to work, for example.
The Gateway Project aims to mitigate those issues. The plan will facilitate a 110% increase in NJ Transit service and a 50% growth for Amtrak, according to the RPA analysis.
Plus, commutes are likely to be shorter. New Jersey riders should expect to save 25 minutes on average compared to the next best alternative, the report said.
“With delays and cancelled trains, commuters are reminded daily that the majority of the NEC’s current infrastructure hasn’t been replaced in almost a century,” said Regional Plan Association executive vice president Kate Slevin in a Wednesday statement.
From 2023 to 2060, the construction and operation of the project will provide about 24,400 jobs and US$7.3 billion in gross domestic product on average annually in the tri-state area, according to the analysis.
Source: Bloomberg
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