Traffic Down But Revenues Up On Turnpike, Parkway
Fewer cars and trucks traveled on New Jersey’s major highways last year, but revenues rose significantly.
That’s due to toll increases implemented last January.
The New Jersey Turnpike Authority released revenue numbers Tuesday that showed traffic decreased on both the turnpike and Garden State Parkway last year by more than the agency estimated it would.
But revenues on both roads increased between 45 and 48 percent over 2011.
The agency says total toll revenue was about $10 million ahead of projections before Superstorm Sandy hit in late October and finished the year down about $1.6 million. Toll revenues totaled about $1.4 billion.
The turnpike authority board on Tuesday approved a measure to borrow $1.4 billion to continue construction work and to refinance $600 million in existing debt.
(Copyright 2012 The Associated Press. All Rights Reserved)