There was good news in the US shipping industry and the US economy as a whole. There was news that New Jersey Port might be adding 800 new jobs resulting from a $500 million dollar deal. The deal will involve a 20 year extension of existing lease. The extension would go to 2050. It would require the Port Newark Container Terminal invest $500 million into the deal.
Helping Unemployment Rate
To no one’s suprise, there is excitement in the State. Right now, New Jersey leads the nation in unemployment rate. It is also important because the ports are definitely one of the first sources of revenue for any state. The deal should increase importing from the Mediterranean Shipping Company and it should dramatically increase the number of storage containers coming into the port in the next few decades.
Competing Internationally
Part of the funds will be used to help the port compete better on a national stage. The project will involve deepening the riverbanks around Newark Port and the terminal itself will be expanded by almost 100 acres. The development is a good vote of confidence in the economy. These port is the busiest on the Atlantic coast and major changes need to be made to accommodate the very largest ships in shipping fleets.