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News
Economic Slowdown Hits Port Commerce
by Bob Hennelly
NEW YORK, NY March 20, 2008 —The latest trade figures from the Port Authority indicate there has been regional fallout from the national economic slowdown. WNYC's Bob Hennelly has more.
Gov. Jon Corzine says the first half of 2OO7 the Port Authority was on track to clear an impressive 7 percent increase in volume but that a slow fourth quarter brought the rate of growth down to just 4 percent.
That still compares favorably with other major ports around the country that saw either a near flat line or an actual decline. One silver lining in this year's numbers for the New York region, a weak dollar has helped spark more exports of U.S.-made products. In 2OO7 auto exports alone saw a 65 percent increase.
But the port still handles far more imported cars than outgoing U.S. made autos. The biggest jump in imports - beer and ale.
For WNYC on the Port Elizabeth waterfront I am Bob Hennelly.