Celebrating 50 Years of Transportation Investment in Southern New Jersey THE REGIONAL ECONOMI C IMP ACT OF THE ATLANTIC CITY EXPRESSW AY : 1964 –2014 The Regional economic Impact of the atlantic City expressway: 1964 – 2014 i Table of ConTenTs Executive Summary ..................................................................................................................................................iii Introduction ..................................................................................................................................................iii Framework ..................................................................................................................................................iv Highlights ..................................................................................................................................................v Conclusion ..................................................................................................................................................x Section 1: Introduction ..........................................................................................................................................1 Section 2: The Economic Development Impact of Transportation Projects: A Framework ......................................................................................................................................2 Section 3: PHASE I: FROM DREAM TO REALITY, 1932 – 1963 ..................................................................4 ACEx Highlights ......................................................................................................................4 Traffic and Toll Revenue Trends ..............................................................................................4 Major Roadway Capital Projects ..............................................................................................5 Economic Development Highlights ..........................................................................................6 Section 4: PHASE II: OPENING DAY ACEx TO OPENING DAY RESORTS, 1964 – 1978 ..........................................................................................................................................6 ACEx Highlights ......................................................................................................................6 Traffic and Toll Revenue Trends ..............................................................................................7 Major Roadway Capital Projects ..............................................................................................7 Economic Development Highlights ..........................................................................................8 Section 5: PHASE III: CASINO-LED BOOM TO THE MILLENNIUM, 1978 – 2000 ..........................................................................................................................................9 ACEx Highlights ......................................................................................................................9 Traffic and Toll Revenue Trends ............................................................................................11 Major Roadway Capital Projects ............................................................................................12 Economic Development Highlights ........................................................................................12 Section 6: PHASE IV: MEETING THE GROWING NEEDS OF THE REGION, 2001-2013 ..........................................................................................................................................15 ACEx Highlights ....................................................................................................................15 Traffic and Toll Revenue Trends ............................................................................................16 Major Roadway Capital Projects ............................................................................................17 Economic Development Highlights ........................................................................................17 Section 7: PHASE V: THE FUTURE ROLE OF THE EXPRESSWAY ..........................................................24 Potential Industry Clusters and the Role of the ACEx ..........................................................24 Related Development ..............................................................................................................25 Conclusion ..............................................................................................................................25 The Regional economic Impact of the atlantic City expressway: 1964 – 2014 ii Table of ConTenTs (ConT .) Tables and Maps Table 1: Projected Traffic and Revenue, 1964 – 1978 ..................................................................................................4 Table 2: Original Construction Project Funding ..........................................................................................................5 Table 3: Executive Directors, 1965 – 1979 ....................................................................................................................6 Table 4: Financial Operating Statistics, 1964 - 1978 ....................................................................................................6 Table 5: Traffic and Revenue – Actual vs. Projected, 1964 - 1978 ..............................................................................7 Table 6: Population Growth 1970-80, Bordering Municipalities ................................................................................8 Table 7: Executive Directors, 1979 – 2005 ....................................................................................................................9 Table 8: Financial Operating Statistics, 1979 – 2000 ..................................................................................................10 Table 9: Traffic and Revenue, Actual vs. Projected, 1979 – 2000 ..............................................................................11 Table 10: Vehicle Miles Traveled, 1984 – 1998 ..........................................................................................................11 Table 11: ACE Intercept Parking Facility ..................................................................................................................12 Table 12: Atlantic City Annual Visit Trips by Mode, 1978 – 2000 (000s ..................................................................12 Table 13: Bordering Municipalities 1980-2000, Bordering Municipalities ..............................................................13 Table 14: Executive Directors, 1994 - Current ..........................................................................................................15 Table 15: Financial Operating Statistics, 2001 – 2010 ................................................................................................16 Table 16: Traffic and Revenue - Actual vs. Projected, 2001 – 2013 ..........................................................................16 Table 17: Vehicle Miles Traveled, 2007 - 2013 ..........................................................................................................16 Table 18: Atlantic City Annual Visit Trips by Mode, 2001 – 2010 (000s) ................................................................17 Table 19: Exit 41, Large Projects Accepted or Completed ........................................................................................18 Table 20: Residential Building Permits Authorized, 2009-2013 ................................................................................20 Table 21: Population Growth 2000-2010, Bordering Municipalities ........................................................................22 Table 22: Economic Impacts: Westbound Road-Widening, Annual Estimates for 2013. ................................................................................................................23 Table 23: Economic Impacts: Retail Trade Development Estimates for 2014 ............................................................................................................................23 Map 1: Atlantic City Expressway Exits ........................................................................................................................1 Map 2: Exit 12 Development ......................................................................................................................................14 Map 3: Exit 41 Development ......................................................................................................................................19 Map 4: Atlantic City Connector ..................................................................................................................................21 Prepared for: South Jersey Transportation Authority Prepared by: Richard C. Perniciaro, Ph.D. – Director James A. Crawford, P.P. AICP – Principal The Regional economic Impact of the atlantic City expressway: 1964 – 2014 iii exeCuTIve suMMaRy Introduction Originally conceived as a means of increasing the To better illustrate these relationships, the study has tourism trade of Atlantic City, the Atlantic City been organized over five phases of economic develop - Expressway (ACEx) provided the means to open up ment in the region which many readers can