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July 18, 2007
Red Hook Waterfront Plant Appears Dead: Container Port to Stay
The Gowanus Lounge
For years, Atlantic Yards critics have been suspicious of jobs figures touted by developer Bruce Ratner. It started at 10,000 permanent jobs and 15,000 construction jobs. [By 15,000, Ratner actually meant 1,500 jobs x 10 years!]
The original 10,000 jobs has shrunk to 1,340, with only 375 new jobs.
Keep that in mind when checking out this story reported by the Daily News, with commentary by Gowanus Lounge:
...the $56 million cruise ship terminal in Red Hook has failed to provide the expected number of jobs. One year into operation, the terminal employed only 14 people full-time, the Daily News reported in April. The EDC in 2005 had promised 370.
The job figures--370 promised, but only 14 actual ones--should serve as a cautionary tale to anyone considering those economic impact studies that are produced to support projects and public subsidies. Decades of economic development practice around the nation are full of such contrasts between projections and reality.
NoLandGrab: Is it possible that Ratner's Atlantic Yards project may only cough up 14 new jobs?
Posted by lumi at July 18, 2007 7:47 AM