A significant infusion of federal dollars will unlock private financing as well.
According to port industry leaders, investment is urgently needed to strengthen and modernize US maritime infrastructure and ensure that American ports remain competitive worldwide.
Consequences of decades-long under-investment
'The consequences of decades-long under-investment in maritime infrastructure are playing out in real time in the form of supply chain disruptions and delays that have been exacerbated by the pandemic,' AAPA President and CEO Chris Connor said. 'Current disruptions will diminish over time, but with global trade volumes forecasted to increase, now is the time for significant and sustained federal investment in a stronger and more resilient port infrastructure.'
AAPA recently outlined the need for immediate port investment in a letter to President Biden. In addition, port leaders have testified before Congress and joined coalitions to urge action on federal funding. With trillions of dollars in new spending proposed, AAPA will continue advocating for the greatest amount possible for port investment.
Spending one dollar returns two to three
'Spending one dollar on maritime infrastructure returns two to three dollars to the national economy in terms of jobs, growth and productivity,' Connor said. 'Port funding yields a strong return on investment for American workers and will continue to help drive the nation’s recovery. Congress must act now.'