“Business leaders at the Port of New York and New Jersey say the global economic crisis is slowing activity at the East Coast’s largest port complex.”
I read this article with a bit of a “duh” response. Port activity is directly correlated to the economy as a whole. People are not consuming, companies are cutting inventories, manufacturers slow down production, commodities are not shipping… port activity suffers.
However with a bit more thought I think back to a post last week about port redevelopment. Many people question the logic of expanding a port in a down economy. Though there may be some merit to this, it is nearsighted and doesn’t take into account other macro factors that will lead to the future growth of the Port of Newark. Corey Booker is providing bold leadership on many fronts and the port redevelopment is one of them.
I do not justify development for the sake of job creation. I justify development based on need and competition. Newark needs the port development to be competitive and to take advantage of it’s natural endowments of location and transportation. Port activity will return and will grow well into the future. The Panama Canal expansion is a major reason but also is the continued and expanding vitality of the north east corridor.