Gateway Program to Provide $445 Billion Boost to Economy

The Gateway Program is set to provide a $445 billion boost to the U.S. economy by improving rail infrastructure between New York City and New Jersey. This is reported by the railway transport news portal Railway Supply.

Economic Impact of the Gateway Program

The Gateway Program, including its key rail tunnel project, is expected to generate $42.8 billion in economic activity during construction. Upon completion, it will bring $230 billion to the regional economy and $170 billion nationally.

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This initiative aims to replace outdated rail infrastructure along the Northeast Corridor, particularly the congested 10-mile stretch from Newark, New Jersey, to New York Penn Station. The program addresses frequent disruptions faced by commuters on New Jersey Transit and Amtrak services. These delays cost New York City employers millions each year in lost productivity.

Job Creation and Long-Term Benefits of the Gateway Program

The Gateway Program will create approximately 24,400 jobs annually from 2023 to 2060. It will also contribute an average of $7.3 billion annually to the gross domestic product in the tri-state area, according to economic analyses.

Kate Slevin, Executive Vice President of the Regional Plan Association, stressed that the majority of the Northeast Corridor’s infrastructure hasn’t been replaced in almost a century, causing daily challenges for commuters.

Gateway Program’s Long-Term Regional Effects

The program promises a 110% increase in New Jersey Transit service and a 50% growth for Amtrak. As a result, commuters should experience shorter travel times. New Jersey riders are expected to save an average of 25 minutes compared to alternative routes.

Governor Phil Murphy of New Jersey emphasized that the Gateway Program reinforces the state’s importance as a regional hub, poised to fully benefit from this transformative project.

Source: www.bloomberg.com

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