PortMiami reports rise in economic impact to $61 billion

PortMiami reports rise in economic impact to $61 billion

PortMiami’s yearly economic effect has risen dramatically to $61.4 billion, up from $41.4 billion in 2016, according to a recent analysis by Martin Associates.

According to the report, the number of employees supported by the seaport’s cruise and cargo activities increased from 334,500 to 340,078.

The analysis employed the same methodology that was used to measure the seaport’s economic benefits in 2016. It assessed PortMiami’s impact in terms of jobs, company income, consumer spending, and state and local taxes.

Martin Associates reported that Florida’s total economic activity is $61.4 billion, or 3.9 per cent of its $1.6 trillion GDP; state and local taxes total $2.2 billion, with $1.6 billion allocated to port customers; and port activity supports 340,078 jobs, including 29,423 direct local jobs.

READ: PortMiami welcomes largest containership ever

Miami-Dade County Mayor, Daniella Levine Cava, said: “This report confirms the seaport’s vital role in supporting good-paying local jobs and contributing to the growth of our community, in addition to our commitment to resilience and reducing our carbon footprint with shore power and our net zero plan.” 

The economic impact analysis was reportedly based on data gathered through an intensive interview and telephone survey programme of the seaport’s tenants and the companies that provide cruise and cargo services at Port Miami.

Hydi Webb, Director and CEO, PortMiami, stated: “The seaport continues to play a critical role in the economic vitality of our region.”

In March, PortMiami welcomed the CMA CGM Bali to the seaport, a vessel with a total capacity of 15,000 TEU.

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