Miami-Dade County Mayor and County Commissioners announced results to latest study on PortMiami's economic impact both local and statewide
Monday morning, Miami-Dade County Mayor Carlos A. Gimenez hosted a press conference to announce the latest results of a recent study highlighting the local and regional economic impacts of Miami’s seaport.
PortMiami is an important economic engine, contributing billions of dollars in total economic activity and supporting hundreds of thousands of jobs in the state of Florida.
The importance of the $1.3 billion of capital infrastructure investments in the channel deepening to -50/-52 ft., the completion of a tunnel that provides direct access between the cargo terminals and I-395 and I-95, the modernization of on-dock intermodal rail, and the acquisition of new cranes that can handle the larger super Post-Panamax ships is reflected in the new economic impact numbers.
The study was conducted by Martin Associates, an internationally recognized economic and transportation consulting firm. The study employed methodology and definitions that have been used by the firm over 500 times to measure the economic impacts of seaport activity throughout the United States and Canada.
Out of Florida’s 15 deep-water ports, PortMiami has the greatest economic impact at 40% of the total.
"The investments Miami-Dade County has made in PortMiami have benefitted our community for years to come," said Miami-Dade County Mayor Carlos A. Gimenez. "Without the commitment we have made, PortMiami would not be known as the cruise capital of the world, or be one of three seaports in the eastern United States that is 'Big Ship Ready.'"
The total number of jobs related to the cargo and cruise activity at PortMiami increased by approximately 116,548 in the last four years, with a total of over 300,000 people employed by the seaport in 2016. The total value of the economic activity at the Port increased by $12.8 billion, from $28.6 billion in fiscal year 2012 to $41.4 billion in 2016.
Growth in the cargo side of the business has been driven by the increase of nearly 1 million tons of containerized cargo (60,000 actual containers) handled at the Port in 2016.
On the cruise side of the business, the study showed that passenger traffic grew by 1.4 million since 2012. The growth is due in part to new cruise line partnerships, and Miami-Dade County housing the top three major cruise line headquarters.
“In order to continue to grow the economic significance of the Port,” said PortMiami director Juan Kuryla, “continued investment in cargo and cruise terminal infrastructure will be required, ensuring that PortMiami continues as a world class cargo and cruise port, capable of handling the next generation of container and cruise vessels.”