A report to determine the economic value of New York’s planned transport mega projects has found that four of the seven schemes studied could initiate $50bn of economic growth in the city. The study, by a group of the city’s leading business-men, called The Partnership of New York, gives the nod to the Fulton Transit Centre, the East Side Access project, the No 7 line extension and the relocation of Penn Station.
The East Side Access project, involving extensive tunnelling and cavern construction, was calculated to be worth nearly $10bn in economic benefits, whilst the other three could create a return of almost $39bn – five times their construction cost.
The $15bn Second Avenue Subway fared less well, being found to be nearly $3bn over its economic development value due to a lengthy construction time. Also snubbed were the extension of the PATH train to Newark Airport and a tunnel under the Hudson River between Penn Station and New Jersey.
