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PORT AUTHORITY STUDY SHOWS SIGNIFICANT JOB CREATION, ECONOMIC ACTIVITY GENERATED BY WTC REBUILDING
March 05, 2009
At a time of national economic uncertainty, the public rebuilding of the World Trade Center will result in tens of thousands of good-paying jobs and a significant boost in regional economic activity, according to a Port Authority economic stimulus study released today.
Presented at today's Board of Commissioner's meeting, the Port Authority study showed that public investments in World Trade Center projects, including One World Trade Center, the Freedom Tower; the World Trade Center Transportation Hub; the National September 11 Memorial & Museum; World Trade Center retail and other related infrastructure will result in the creation of 26,538 direct jobs, including on-site construction, architecture and engineering, and program and construction management. Including indirect jobs, such as those generated by industries that supply services, materials and machinery to the rebuilding effort, the jobs number grows to 62,336.
The World Trade Center projects also are expected to generate $3.7 billion in direct and indirect wages and total economic activity of $14.5 billion.
Port Authority Executive Director Chris Ward said, "What sometimes gets lost is that the public investment at the World Trade Center site is among the largest economic engines in the region. It is more than just steel, bricks and mortar. It's a real stimulus to the local economy."
During today's Board meeting, Executive Director Ward also provided a status report on the construction of One World Trade Center. The highlights include:
-The core of the building is 105 feet above street level - the equivalent of a nine story building.
-93 percent of the major construction trade contracts have been awarded.
-95 percent of the 48,000 tons of structural steel has been purchased, and 90 percent of it is rolled. 1,888 tons of structural steel has been erected, 1,175 tons has been fully fabricated, and 2,200 tons is being fabricated.
-35,106 cubic yards, or 16.3 percent of the total concrete in the building, has been poured.
-2,720 out of 11,331 total curtain wall panels (glass) are complete.