From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to USD 4.6 trillion, according to the ”2014 National Economic Impact of the U.S. Coastal Port System” report by transportation analyst Martin Associates.
This accounted for 26 percent of the nation’s USD 17.4 trillion economy in 2014, up from 20 percent of its USD 16.1 trillion economy in 2007.
Other notable gains since Martin Associates’ last port economic impact study published in 2007 include:
”The growth in jobs and economic importance of America’s seaports reflects the fact that the value of international cargo handled at these ports increased by USD 400 billion since 2007, reaching about USD 1.8 trillion in 2014,” said Dr. John C. Martin of Martin Associates.
‘It’s important to emphasize that the key growth in our international trade was in U.S. exports, which saw a 60 percent increase in value over the past seven years.”
Dr. Martin noted that each dollar increase in the value of export cargo supports significantly more jobs in the U.S. than does a dollar value of growth in imports. He also emphasized that the robust growth in the economic impact value from U.S. ports occurred despite the economic recession that severely hampered marine cargo activity between 2008 and 2012.
”The growth in the contributions of our ports to the nation’s economy underscores the need to invest in infrastructure and technology to support and foster good jobs, national security, international trade and our standard of living,” said Dr. Martin.
American Association of Port Authorities President and CEO Kurt Nagle said that particularly with the economic contributions of America’s seaports growing rapidly, there’s a significant and urgent need for more federal investment in enhancing the connections with those ports.
”On the land-side alone, AAPA’s U.S. member ports have identified at least USD 28.9 billion in needed investments by 2025. These necessary road, rail, bridge and tunnel improvements are crucial to enable our seaports to efficiently handle their expected cargo volumes, continue providing dramatic economic and jobs impacts, and enhance America’s international competitiveness,” said Nagle.