New Economic Impact Reports Point to Positive Growth in US and State
BROWARD COUNTY, FL - Higher containerized cargo and passenger volumes at Broward County's 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 internationally recognized maritime research company Martin Associates. Martin's study, which compares figures from fiscal years 2013 and 2014 (October 1 through September 30), is based on customized models developed for Port Everglades for both the cruise and cargo sectors.
Total statewide economic activity generated by the cargo and cruise activity at Port Everglades increased by 10.1 percent from $25.7 billion in FY2013 to nearly $28.4 billion in FY2014. This growth was driven by record increases in containerized cargo and the number of cruise passengers during FY2014. Port Everglades is the largest container port in Florida by volume, with more than 1 million TEUs (20-foot equivalent units, which is the standard container measurement) moving through the Port. It is also the second busiest cruise port in the world, with 4 million cruise and ferry passengers embarking and debarking from cruise ships.
"Port Everglades is an economic powerhouse for Broward County, and its success directly impacts our community's quality of life," said Broward County Mayor Tim Ryan. "For this reason, we keep the Port's expansion efforts in the forefront and continue to push for deeper and wider channels so that the newer, larger ships can continue to operate here and support job growth."
Highlights from the study include:
• Nearly 2,000 new direct jobs, totaling 13,322, were created during FY2014 for a 16.5 percent increase over FY2013. Direct jobs are those employed by local companies that provide support services to the Port.
• Statewide, more than 21,000 new jobs (direct, indirect, induced and related user) were created in FY2014, for a 10.5 percent increase from FY2013. As a result, Port Everglades supports a total of 224,054 jobs in Florida.
• These jobs resulted in a 12.2 percent increase in personal income locally, and a 10.3 percent increase statewide from FY2013.
• Total state and local tax collections also increased 10.3 percent from $733.5 million in FY2013 to $809 million in FY2014.
Nationally, an updated report of the benefits that U.S. ports contribute to the prosperity of the nation was released on April 21, 2015, at the American Association of Port Authorities'(AAPA) 2015 Spring Conference meeting in Washington, D.C. There, Dr. John Martin, president of Martin Associates, debuted his firm's report, "2014 National Economic Impact of the U.S. 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. While overall economic impacts increased 43 percent, other notable gains since 2007 in Martin Associates' new report include:
• Jobs generated by port-related activity jumped 74 percent to 23.1 million;
• Federal, state and local tax revenues generated by port-sector and importer/exporter revenues rose 51 percent to $321.1 billion; and,
• Personal wages and local consumption related to the port-sector increased from $649 billion to $1.1 trillion, with the average annual salary of those directly employed by port-related businesses equating to $53,723.
About Port Everglades
As one of South Florida's leading economic powerhouses, Broward County's Port Everglades is the gateway for international trade and cruise vacations. Consistently ranked among the three busiest cruise ports in the world, Port Everglades is also one of the nation's leading container ports and South Florida's main seaport for receiving petroleum products including gasoline, jet fuel and alternative fuels. The Port Everglades Department is a self-supporting Enterprise Fund of Broward County, Florida government with operating revenues of approximately $153 million in Fiscal Year 2014 (October 1, 2013 through September 30, 2014). It does not rely on local tax dollars for operations. For more information on Port Everglades, go to porteverglades.net or e-mail PortEverglades@broward.org.
Founded in 1912, AAPA today is the unified and recognized voice of seaports in the Americas, representing 150 of the leading seaport authorities in the United States, Canada, Latin America and the Caribbean, and more than 250 sustaining and associate members, firms and individuals with an interest in seaports. As a critical link for access to the global marketplace, each year, Western Hemisphere seaports generate trillions of dollars of economic activity, support the employment of tens of millions of people and import and export billions of tons of cargo, including food, clothing, medicine, fuel and building materials, as well as consumer electronics and toys. The volume of cargo shipped by water is expected to dramatically increase by 2020 and the number of passengers traveling through our seaports will continue to grow. To meet these demands, the AAPA and its members are committed to keeping seaports navigable, secure and sustainable.
DATE: May 6, 2015
MEDIA CONTACT: Ellen Kennedy, Assistant Director , Port Everglades Business Development Division/Communications
PHONE: 954-468-3508; 954-868-0220 (cell)