The New York City metro region could face $79 billion in losses to its regional economies by 2025 - including more than $16 billion in lost revenue and $5.5 billion in lost labor income - due to the declining state of local airports, according to estimates advanced by the Global Gateway Alliance. The airports include JFK International, Newark and LaGuardia
The newly formed Global Gateway Alliance was launched to address both short-term and long-term solutions to address New York’s failing airport infrastructure and ensure the continued growth of the region. The Alliance said it will work to rehabilitate New York’s reputation for hosting three of the worst airports in the country.
“New York is a global gateway, but the level of attention and the investment we have given to our airports doesn’t create the kind of reputation necessary to ensure we realize their full economic potential for the region,” said Joe Sitt, founder and chairman of the Global Gateway Alliance and CEO of Thor Equities. “We can either sit by and watch billions of dollars in lost revenue and economic growth fly right by, or we can take aggressive action to once again make New York’s airports the best in the world. We’re choosing the latter.”
Among the Alliance's goals: advocating for the dollars to ensure a proper redevelopment of LaGuardia’s Central Terminal; lobbying for improved access points into New York and New Jersey airports; proposing enhancements that will facilitate quicker and more efficient passenger-security screening, pressing for the construction of an additional runway at JFK International Airport, and advocating for full implementation of NextGen technology to New York’s airports.
In addition to Sitt, GGA’s Board of Directors includes a who’s who of New York business, labor and civic leaders such as Kathryn Wylde, President of the Partnership for New York City and Joseph E. Spinnato, President of the Hotel Association of New York City. An executive director is to be named.