NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases a research report discussing how mass transit is a vital public service in New Jersey due to the state’s employment landscape.
Northeastern New Jersey abuts New York City and the southwestern part of the state is near Philadelphia. A significant part of New Jersey’s workforce, about 12%, commutes to these large employment centers. Furthermore, these commuters contribute an even larger share to New Jersey’s income levels and economic activity—due to the higher wages in NYC and Philadelphia—as well as provide meaningful additions to state and local tax revenue.
New Jersey’s mass transit services play an important role in managing interstate commutes and fostering the economic and tax revenue contributions in the state that result from these two major employment centers. Continuing investment in the state’s mass transit network is vital toward maintaining these important services and to overcome disruptions that have plagued the system. This backdrop provides strong support for the substantial transit capital spending expected by the state in coming years.
To access the research report, click here.
Related Publications: (available at www.kbra.com)
- Hold the SALT: Income Tax Collections Better Than Expected (22 May 2019)
- Tax Collections for CT, NJ, and NY Show Common Themes (29 Apr 2019)
- Hudson Tunnel Project: Time is of the Essence (18 Apr 2019)
- State of NJ GO, NJTTFA, and Other Appropriations Rating Report (07 Jan 2019)
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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