New Study Shows Port Everglades' Contribution to Florida's Economy
According to a new economic impact report by Martin Associates, the rising containerized cargo and cruise passenger numbers at Port Everglades are helping to strengthen the South Florida economy. Overall, the new study reflected positive growth in all economic indicators including jobs, personal income, economic activity, local purchases and state and local taxes.
Economic activity driven by the port reached nearly $34 billion in FY2018. This growth was propelled by year-over-year increases in containerized cargo and the number of cruise passengers. Port Everglades is the 11th busiest container cargo port in the United States, moving 1.1 million TEU in FY2018, and it is among the top three cruise homeports in the world, with 3.8 million cruise and ferry passengers.
Maritime research consultancy Martin Associates was retained by the port to measure the local, regional and state economic impacts generated by maritime activity at the port's container, break bulk, liquid bulk, dry bulk and cruise terminals. The economic activity related to maritime cargo operations included $1.8 billion in revenue for companies working directly with the port and an estimated $7.7 billion in activity generated by port employee wages and spending. The average annual salary of a cargo port-dependent job is about $49,000, according to the study, meaning that port employees can afford to spend more in the local community.
“These numbers clearly demonstrate that Port Everglades is a driving force in our strong economy, greatly contributing to the quality of life in Broward County and throughout Florida. The cargo, cruise and fuel operations create jobs and income, provide opportunities for local businesses, bring visitors to our area and generates billions of dollars in tax revenue that support cities and communities here and throughout the state,” said Broward Mayor Mark Bogen.