The Port Authority of New York and New Jersey last week committed $1 billion toward revamping or replacing the Bayonne Bridge.

Updating the span and increasing its clearance will enable to region to capture future shipping business. A Panama Canal expansion project will allow larger vessels to pass through the canal beginning in 2014. The bridge, which connects Bayonne, N.J., to Staten Island, has a channel clearance of 151 feet, which is too low to accommodate larger ships.

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