Continued investment viewed as key to port success.

With billions of dollars on the line, the efficiency and capacity of the New Jersey ports ate crucial to the economic health of the region.

The value of the cargo passing through the Port exceeded $114 billion in 2004 alone, a 14% increase in the course of a year.

In addition, the ports supply 230,000 jobs to the area, and have an aggregate annual economic impact in excess of $20 billion.

With the current dredging of the ports, the maximization of the usage of the surrounding land and increased quality of local infrastructure become even more critical issues.

The Urban Land Institute recognizes the significance of the Port and recently hosted an informative panel discussion on the topic: The Portfields Initiative, an educational forum by the Northern New Jersey District Council of the Urban Land Institute (ULI-NNJ) was held on Friday, March 11th at The Newark Club in Newark.

The breakfast program featured an update on the agenda, services and incentives provided through the interagency cooperation of the Port Authority of New York and New Jersey and the New Jersey Economic Development Authority.

Prestigious speakers included Michael Francois, Chief, Real Estate & Development, The Port Authority of New York & New Jersey; Timothy Lizura, Director of Real Estate Development Division, New Jersey Economic Development Authority; and Sam Crane, Vice President, Maher Terminals, the largest container terminal operator at the Port.

Crane pointed out that terminal operators and local agencies have already invested $1.5 billion in Port improvements in the past 6-7 years in order to enhance their competitive advantage over other East Coast ports. With the deepening of the harbor to a total of fifty feet, even larger ships will be able to enter to ports business opportunities.

However, with this change comes the necessity of increased cargo movement speed, both at the ports themselves and the distribution centers waiting for goods. He pointed out the essential need to alter the way freight is moved, including distribution centers accepting cargo on a 24/7 basis and increased rail use as a mode of transportation.

Both Francois and Lizura discussed initiatives currently in place, including The Portfields initiative itself which creates a list of brownfields sites to be specially targeted for State help in development for Port-related uses.

Richard Johnson, Chair of ULI-NNJ, commented, "The Ports present New Jersey with enormous future potential with regards to job growth, economic vitality and local business creation opportunities. The new jobs at the Port will be the manufacturing jobs of the 21st century. ULI is pleased to be playing a leadership role in helping to advance the critical issues affecting the Ports."