New York’s New York City Subway is the first major new subway line built by a US company in almost two decades.
The New York Stock Exchange, New York Department of Transportation and New York State Transit announced Friday that the New York Rail Transit (NYTR) has received a federal grant of $15.9 million from the Federal Transit Administration (FTA) to begin building the subway.
New York City Mayor Bill de Blasio and Transportation Secretary Anthony Foxx have hailed the project as an important first step in rebuilding New York after more than two decades of recession.
The city’s subway system is a major drawcard for the entire state and is expected to be the nation’s busiest by 2020.
New Yorkers have been waiting for a subway since the 1980s when the Manhattan-to-Queens Subway opened, but the New Yorker’s subway journey is now significantly shorter and is often less convenient than its counterparts in New York.
The new subway system, which would connect the New Jersey-New York line to the Brooklyn-Queues Subway, would cost about $1.5 billion and is due to open in 2021.
The $15 million in funding was awarded to New York, the second largest subway system in the US, after Chicago.
Construction on the subway began in the spring of 2021.