dominant, supported by our proximity to the country’s
biggest market area and our transportaon infrastructure.
Manufacturing represents 31,000 jobs in the
Meadowlands. Warehouse and distribuon uses connue
to be the predominant land uses. The market for industrial
space has been very healthy, fueled by e-commerce and
companies moving from New York in search of larger and
more aordable space. The rst quarter Marketbeat for
Northern and Central New Jersey, produced by Cushman
and Wakeeld, reported that industrial demand remains
robust. Rents for Meadowlands space were the highest
of the submarkets reviewed, reaching direct asking rental
rates of $8.25/square foot, a 14.2% premium over the
state average. Vacancies remain low.
With the compleon of the raised Bayonne Bridge, the
Meadowlands has a connued opportunity to thrive in
this sector. According to a recent arcle by Choose New
Jersey, the U.S. Department of Commerce predicts as
much as a 10% movement in container shipping from the
west coast to the east coast. The Greater Meadowlands
should posion itself to capture these benets in its
industrial, warehouse and distribuon sectors.
While these tradional Meadowlands industries thrive,
our economy has also diversied. The last decade
has seen considerable growth in mulfamily housing
development, and demand remains strong. Notable is
the Secaucus Transit Redevelopment Area, with 2,035
units planned, and more than half developed. The
Monarch along Route 3, The Staon, the Winston and
Vermella in Lyndhurst, and the recent redevelopment
plan for the former Carpet Center site in Secaucus all
aest to the demand for mulfamily living with accessible
transportaon.
At the same me, the retail and hospitality sector
has been one of the fastest-growing land use trends.
According to the NJSEA, the amount of land dedicated to
retail use in the district has increased by approximately
35% since the 2004 Master Plan. Retail and hospitality
facilies in the Greater Meadowlands account for 55,221
jobs. The growth of the Meadowlands as a desnaon,
anchored by the new MetLife Stadium and Meadowlands
Racing and Entertainment grandstand, connues with
aracon of large-scale events as well as sports. This fuels
thousands of direct and indirect jobs.
Approximately $745 million is generated by hospitality/
tourism in the Meadowlands region annually. According
to the regional Economic Impact of Tourism report by
Rockport Analycs, based on 2014 numbers, visitors to
the businesses and aracons in the Meadowlands spent
3.2
American Dream | Summary of Economic Benets
for New Jersey (August 29, 2016)
One- Time Construcon Impacts
The development of American Dream will support 23,040
temporary construcon-related jobs, including 13,730
direct jobs, and 9,310 mulplier jobs, throughout the
State of New Jersey. These jobs will earn nearly $1.6
billion in compensaon, including $1 billion for direct
workers nearly $580 million for mulplier workers.
The development of American Dream could generate up
to $80 million in one-me tax revenues for the state of
New Jersey. This includes from $23 million to $70 million
in sales taxes on construcon materials, and nearly $10
million in corporate business taxes.
Permanent Impacts from Ongoing Operaons
American Dream’s ongoing operaons will support 22,940
permanent jobs, including 16,200 direct on-site jobs,
and 6,740 mulplier jobs throughout New Jersey. These
jobs will earn over $1.2 billion in annual compensaon,
including $774 million for direct workers and $442 million
for mulplier workers.
At stabilizaon, over $148 million in taxes will be paid
to the state of New Jersey annually. On-site retail,
amusement, and parking will generate approximately
$128 million in ongoing annual revenues , including
$84 million in annual salex tax, $18 million in annual
corporaon business tax and $26 million in annual
personal income taxes from employees at stabalizaon.
O-site acvies will generate an addional $20 million in
annual revenues, including $15 million in annual income
tax revenues from o-site workers, and an addional
$5 million in hotel sales taxes and occupancy fees each
year. In addion, over the rst 20 years of operaons, an
average of $2.7 million per year in PILOT revenues will be
paid to the Borough of East Rutherford.
Over the rst 20 years of operaons, over $3.5 billion in
tax revenues will be paid to the state of New Jersey, which
is a 9:1 return on investment for the ERG Grant. These
revenues include over $2 billion from sales taxes and
$456 million, supported 10,700 jobs and paid $233 million
in state taxes. The Meadowlands also beneted from
about $131 million in indirect income to area businesses
and $158 million in induced wage-spending facilitated
by tourism revenue. With the ancipated opening of
American Dream in 2019, the economic impact of tourism
has the potenal for tremendous growth. We can support
and augment that benet with dedicated funding for
markeng the region.