In a breakthrough study, the Partnership for New York City has identified more than $13 billion a year in losses to the New York Metropolitan Region’s economy that are a direct result of traffic congestion. The report issued by the Partnership today concludes that existing transportation and road systems are inadequate to accommodate the region’s growing population and continued economic expansion, resulting in the loss of as many as 52,000 new jobs every year.
Ã¯ Delays endured by commuters, workers and other travelers annually cost some $5 billion to $6.5 billion in lost time and productivity and up to $2 billion in wasted fuel and other vehicle operating costs. Ã¯ Traffic delays add to logistical, inventory and personnel costs that annually amount to an estimated $1.9 billion in additional costs of doing business and $4.6 billion in unrealized business revenue each year. Ã¯ There is a net loss in regional economic output of at least $3.2 to $4 billion annually due to loss of productivity, with the greatest losses concentrated in Manhattan, New Jersey and Long Island.