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Passengers, containerized cargo push up Port Everglades' economic impact

Passengers, containerized cargo push up Port Everglades' economic impact

Higher containerized cargo and passenger volumes at Port Everglades helped to increase the number of jobs and economic activity in Florida over the past fiscal year, according to a newly released report by maritime research company Martin Associates.

The study, which compares figures from fiscal years 2013 and 2014 (Oct. 1 through Sept. 30), is based on customized models developed for Port Everglades for both the cruise and cargo sectors.

Total statewide economic activity generated by the port's cargo and cruise activity increased 10.1%, from $25.7bn in 2013 to nearly $28.4bn in 2014. This growth was driven by record increases in containerized cargo and the number of cruise passengers.

Port Everglades is the world's second busiest cruise port, with 4m cruise and ferry passenger movements.

Highlights from the study include nearly 2,000 new direct jobs, totaling 13,322, created during 2014, a 16.5% increase over 2013. Direct jobs are those at companies that provide support services to the port.

Statewide, more than 21,000 new jobs—direct, indirect, induced and related user—were created in 2014, a 10.5% increase. As a result, Port Everglades supports a total of 224,054 jobs in Florida.

These jobs resulted in a 12% increase in personal income locally, and a 10.3% increase statewide.

Total state and local tax collections also increased 10.3% from $733.5m in 2013 to $809m in 2014.

Nationally, an updated report of the benefits that US ports contribute to the prosperity of the nation was released on April 21 at the American Association of Port Authorities' 2015 Spring Conference in Washington, DC. There, Dr. John Martin, president of Martin Associates, debuted his firm's report, '2014 National Economic Impact of the US Coastal Port System.'

The report showed the contributions of America's seaports in 2014 equaled $4.6 trillion, or more than one-quarter of the country's economy.

In the seven years since Martin Associates' last nationwide ports economic impact study, the contributions of America's seaports to the nation's economy have risen dramatically. Overall economic impacts increased 43%, while jobs generated by port-related activity jumped 74% to 23.1m.

 

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