JERSEY CITY, N.J. -- Containerized cargo volume at the Port of New York and New Jersey is expected to grow at an annual rate of 5 to 7 percent during the next decade, Port Director Richard Larrabee said.
"The Northeast is still the largest and strongest consumer market, with an economy that continues to grow," Larrabee said in a "state of the port" address at the annual Port of New York and New Jersey Port Industry Day.
Larrabee said the bistate port is investing to take advantage of growth in all-water services from Asia through the Panama and Suez canals.
He said $2 billion in capital projects are planned by the port authority and tenants during the next 10 years. The port already has spent $1.1 billion on capital projects, in addition to $750 million in capital investments by terminals that lease land from the port authority.
Those project include dredging of the port's main channels to 50 feet, a project expected to be completed by 2020, and nearly $650 million to provide on-dock rail service at all of the port's terminals.