9/7/17 Northern New Jersey Mastermind Group Meeting

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The Port Authority of NY and NJ: A Tale of Two States in One Urban Region

The Northern New Jersey Group welcomed Dr. Alexander Heil, the Chief Economist at the Port Authority of NY and NJ, as our guest speaker this month. He offered a dynamic summary of construction market trends, regional economic conditions, and the economic outlook for the third quarter of 2017.
Highlights included: The success of the PATH, linking commuters in Jersey’s expanding coastal cities to the vibrant, growing job market in Manhattan; the coming shortage of skilled construction workers as more of them age out and are not replaced by upcoming generations; speculation on the changing relationship with cars, as more people depend on Uber-like services, future driverless cars, car sharing, and new commuting patterns in public transportation; and of course, increasing activity in the multifamily and commercial markets across the region.
Asked what current Port Authority projects are the most important, Dr. Heil said, “It depends who you ask.” The governor of New York would say airports, airports, airports – as billions of dollars are being invested in new infrastructure, transportation improvements and services for the millions of people who arrive at one of three major airports. In New Jersey, it’s all about access across the Hudson – with billions more needed for improvements and expansion for our bridges, tunnels and rail tubes.