The Port of Long Beach will invest approximately $379 million after the Long Beach City Council approved the budget for the Harbour Department and coastline development.
In a statement the Port said the $379 million accounts for 58% of the total City budget, amounts to $650 million and is 4% lower than last year. It will include capital projects to construct and upgrade facilities.
Over the next 10 years it plans $1.7 billion in capital expenditures to enhance marine terminal productivity, deliver greater efficiency to customers and improve safety and sustainability of operations.
“Even with cargo impacts from the pandemic and trade war, the Port is financially secure and stable, and well within established thresholds for reserves,” said Long Beach Harbor Commission President Frank Colonna.
“We expect this trade gateway to be a key to economic recovery in the years ahead. Trade, construction and tourism at the Port support 51,000 jobs in the city, and 2.6 million jobs across the nation.”
Port of Long Beach Executive Director Mario Cordero also commented: “We are cautious but optimistic about the future.
“It’s important that we stay focused on attracting business, building for the future, and moving cargo in a more environmentally responsible way. That drive to maintain operational excellence is why we are the Port of Choice.”