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Port Everglades tallies $26.5b economic impact

PHOTO: ANNE KALOSH CRUISE_Princess_Port_Everglades.jpg
A Princess ship at Port Everglades, the world's third busiest cruise homeport
Port Everglades chalked up $26.5b in economic impact during fiscal 2023.

This shows the Florida facility continues to be a significant contributor to the economy locally, regionally and statewide, most notably with a 12% increase in direct local jobs.

It compares to the $33b in fiscal 2022 and $30bn in 2021.

Taxes, direct and supported jobs

A study by Martin Associates showed Port Everglades accounted for $935.4m in state and local taxes, 10,778 direct local jobs and 192,688 jobs supported statewide, compared to 2022's $1.18b in state and local taxes, 9,584 direct local jobs and 216,543 Florida jobs supported.

9,584 direct local jobs and 216,543 Florida statewide jobs supported.

'The port has a long history of being a major economic driver for South Florida and this study underscores our financial impact, especially when it comes to the buying power of 10,778 direct local jobs whose spending led to an additional 8,570 induced and 8,215 indirect jobs,' said Glenn Wiltshire, acting port director.

3m revenue passengers

Port Everglades is the world's third busiest cruise homeport with nearly 3m revenue passengers in 2023 and 10 lines served at eight terminals.

Since the previous economic impact report for fiscal 2022, the port added new cargo services, increased its operational capacity with three new super post-Panamax container gantry cranes, completed its first LNG bunkering for a cruise ship and is prepared to welcome newbuilds from Princess Cruises, The Ritz-Carlton Yacht Collection and Silversea Cruises, and Crystal's shifting from Miami.

'The momentum is strong, and we anticipate continued steady growth in the cruise, energy and cargo sectors that will result in greater gains when the annual economic impact report is updated next year,' Wiltshire added.