A new report released today by The Center for Advanced Infrastructure and Transportation (CAIT) at Rutgers University highlights just how critical New Jersey’s warehouse and distribution centers (key components of the logistics industry) are to the state’s economy and prosperity. The data shows that existing warehouses and distribution centers support over 764,000 direct jobs and more than 1.35 million total jobs in the state.
The report focuses on existing warehouses and distribution centers within the state, and the role they play in maintaining efficient and effective supply chains. In addition to the staggering job figures, the report also found that warehouses and distribution centers in New Jersey annually support:
- Over $112.8 billion in personal income.
- More than $295.8 billion in business activity.
- More than $33.8 billion in federal, state, and local tax revenues, with local and state tax revenues of nearly $11.3 billion and federal tax revenues of almost $22.6 billion.
“The logistics industry is an impressive economic engine for New Jersey,” said Dan Kennedy, CEO of NAIOP, the Commercial Real Estate Development Association – New Jersey Chapter. “Often lost in the conversation are the economic contributions made by the existing warehouse and distribution centers that create an eye-opening number of jobs and contribute an irreplaceable amount of federal, state and local taxes that support critical services for all New Jersey residents. With all the state and local discussions going on about warehouse development and supporting infrastructure, we feel the public deserves to know the truth – warehouses and distribution centers make a substantial economic contribution to New Jersey’s economy that no industry can match.”
“While we have always known how impactful it is to New Jersey, this report shows just how much critical links in the logistics industry like warehouses and distribution centers contribute to the state’s economy,” said John J. Nardi, President of the Shipping Association of NY and NJ.
Read the full article with testimonials at New Jersey Business Magazine.