A new report from the Regional Plan Association found that the 11 projects that are part of the Gateway Program will have nearly $450 billion in economic benefits.
The report, The Economic Promise of the Gateway Program, looked at the full build of the projects and how the program would impact national and regional economies. The analysis found that the program will sustain 46,100 new jobs, and generate an estimated $445 billion in economic benefits, nationally and regionally, by 2060.
“Through the creation of tens of thousands of jobs and enhanced infrastructure, the Gateway Program will provide a much-needed boost for our regional and national economies,” Tom Wright, president and CEO of Regional Plan Association, said. “It’s essential that the Gateway Program continue to move forward to strengthen our region and the entire Northeast Corridor.”
The multi-phase series of projects will deliver critical rail infrastructure and double capacity along the 10-mile rail segment between Newark, NJ and New York Penn Station, along the Northeast Corridor. Officials said this section of rail carries more than 200,000 passengers on 450 trains daily and is only served by two tracks. The Gateway Program would improve aging infrastructure and expand capacity through a phased approach to minimize service disruptions.
In its analysis, RPA found that in its between 2045 and 2060, the program will stimulate $230 billion in the tri-state regions’ economy and an additional $170 billion across the U.S, by expanding the regional labor market, creating time and cost travel savings and boosting business productivity. Additionally, the core project construction is expected 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,” Kate Slevin, Executive Vice President of Regional Plan Association, said. “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. An investment in the Gateway Program is an investment in improving the lives of those who rely on passenger rail service every day.”