NY, NJ sea and airports enjoy first quarter growth

THE Port Authority of New York and New Jersey's airports handled slightly more cargo in the first quarter, while the agency's seaports saw 9.6 per cent growth over 2009.

Truck traffic, which generates significant revenue for the Port Authority, declined by 2.1 per cent during the reporting period compared to the same period a year earlier.

At the Port Authority's major airports, traffic rose 1.3 per cent during the first three months of 2010, buoyed by a 5.8 per cent increase in international travel. Domestic travel fell 0.8 per cent. The slight rebound followed a 4.8 per cent drop in airport passengers in 2009, a statement from port authorities said.

Loaded cargo at its major seaport terminals registered growth, with imports up 9.8 per cent during the first quarter of 2010, while exports were up 9.6 per cent. The increase follows a significant decline in 2009 when seaport cargo dropped 12.7 per cent, the biggest one-year decline in nearly a quarter of a century.

The Port Authority said its own fiscal condition remained sound due to numerous cost-containment efforts undertaken, including the implementation of two consecutive years of zero-growth operating budgets, staff reductions, and the prioritisation and scaling back of its long-term capital programme.

Port Authority chairman Anthony Coscia said: "The latest numbers show that the national recession continues to impact our businesses, though we're beginning to witness signs of a return to growth in the future. In the meantime, we will continue to control costs and to meet our commitments."
(Source:www.schednet.com)