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.
RPA: Gateway Program Will Generate $445B in Economic Benefits
The full build-out of the 11 projects in the Gateway Program to modernize a 10-mile stretch of Northeast Corridor (NEC) passenger rail infrastructure between Newark and New York will generate $445 billion in economic benefits by 2060, the Regional Plan Association (RPA) said Wednesday. The program will annually sustain 46,100 new jobs on average, according to the RPA.
In assessing the full Gateway Program, RPA found that in its first 15 years of operation (between 2045 and 2060), the Program will stimulate $230 billion in the Tri-State region’s economy and an additional $170 billion across the U.S. Additionally, the Program’s core project construction is projected to generate $42.8 billion.
“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 Kate Slevin, EVP of RPA. “The projects outlined in the Gateway Program are vital upgrades that advance our infrastructure and environmental agendas, while also providing transit riders with the smooth and reliable commute they deserve.”
