New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Port Authority Sees $800M Revenue Loss for First Half of 2020
Six-month financial results from the Port Authority of New York and New Jersey showed an approximately $777-million decline in revenues through June 30, as compared to the agency’s budget. Additional losses are expected through the balance of 2020.
“The Port Authority’s second quarter financial performance is the worst downturn in the Port Authority’s recent history – perhaps in its entire history, and certainly since World War II,” said executive director Rick Cotton. “This decline was completely driven by revenue losses resulting from the precipitous decline in volumes at the agency’s facilities across the region.”
Based on the six-month and Q2 results, together with the forward-looking forecasts, the authority continues to project a $3-billion loss in revenues for the 24-month period ending March 2022.
Chairman Kevin O’Toole said, “Without federal assistance, the Port Authority and the region will be forced to feel the weight of this loss for years to come.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
