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Port Canaveral generates $3.9bn economic impact in Florida

Article-Port Canaveral generates $3.9bn economic impact in Florida

Multi-day passenger movements at Port Canaveral were 4,634,154 in 2019, up from 4,568,431 in 2018 PHOTO: Canaveral Port Authority
Port Canaveral generated an economic output of $3.9bn throughout Florida in fiscal 2018 and created 32,650 jobs with $1.3bn in wage income.

BREA study

According to Business Research and Economic Advisors (BREA), the port’s activity across all business lines resulted in $1.94bn in direct impact for Central Florida's economy, which contributed to the direct employment of more than 17,200 workers who received $729.4m in wages.

‘We have long appreciated the significant role our business lines and all operations bring about in helping to grow the local and regional economies,’ Port CEO Capt. John Murray stated. ‘This new study further substantiates the significant impact and accountability we have in support of the many firms, businesses and employees directly related to our port.’

Tax revenues

The economic activity of the Canaveral Port Authority also generated tax revenues for state and local governments across Florida. BREA’s analysis showed an estimated $107.2m in total state and local tax revenues, predominantly sales, use and excise taxes, were paid across the state.

BREA was engaged by the Canaveral Port Authority to analyze the port’s economic impact throughout Florida in 2018. The objective was to quantify employment, wages, expenditures and taxes that were directly and indirectly related to the movement of cruise passengers and cargo, the operational activity of tenants that conduct their business on property owned and maintained by the port authority, and patrons of its parks, recreational facilities and attractions.

$1.3bn cruise segment impact

The cruise segment, for example, generated $1.3bn economic impact and supported 12,964 regional jobs paying $516.6m in annual wages.

The results were announced today at the Canaveral Port Authority’s Board of Commissioners meeting.

Also, Murray and CFO Mike Poole provided the board with fiscal 2019 year-end financials. The port earned $110m total revenues from all business segments, up 6% over 2018.

Cruise movements, revenues up in 2019

Revenues from cruise operations totaled $81.9m, up 5% over 2018. Multi-day passenger movements at Port Canaveral, the world’s second busiest cruise port, were 4,634,154 in 2019, compared to 4,568,431 in 2018. Cargo tonnage rose to 6,487,769 tons, slightly above 2018.

Port Canaveral’s fiscal year ended Sept. 30.