A groundbreaking ceremony is taking place in New Jersey Monday morning on a massive transportation construction project. Building a third tunnel beneath the Hudson River is expected to not only double mass transit capacity, but provide a nice boost to the local economy as well.

New Jersey Transit’s “Mass Transit Tunnel” at a cost of $8.7 billion, could very well end up being the largest and potentially most expensive public works project in the country.

The benefit to ease congestion is a no brainer. New Jersey Transit currently runs 23 trains an hour through a single tunnel that it also shares with Amtrak.

But when it comes to completing the costly project, which could create almost 6,000 construction jobs, burrowing through the ongoing recession could prove harder than anticipated. But Governor Jon Corzine says it’s necessary.

Despite the financial hurdles, construction is getting underway on Monday, a necessity in order to qualify for $130 million in federal economic stimulus package funds. White that cash infusino may be just a drop in the bucket, every cent counts.

The project is depending on nearly $3 million in federal funds.

Corzine headlines the group of state, local and regional officials who are expected to attend the ceremony, which will be held next to the tunnel’s future entrance in North Bergen.

(Source: CBS2 HD)