Cargo activity through port positively impacts region
Cargo activity through Jacksonville’s seaport positively impacts tens of thousands of jobs and supports nearly $27 billion in annual economic output for the region and state, according to newly released study findings.
The study, citing significant growth in the port’s impact during the last five years, was commissioned by the Jacksonville Port Authority (JAXPORT) and conducted by Martin Associates, a widely recognized maritime research firm. In the Jacksonville area, the study concludes that 24,340 people are employed in port-dependent positions–direct, indirect and induced jobs relying on the port. This figure represents an increase of nearly 10 percent since 2008, a recessionary time period in which overall job figures declined in Duval County.
The latest research concludes that direct jobs created by the port pay an average annual salary of $51,600, well above the Jacksonville metropolitan statistical area (MSA) average wage of $38,629 as cited by the Quarterly Census of Employment & Wages. Direct jobs generated by container activity at JAXPORT have grown 57 percent.
The number of positions related to cargo activity in the Port of Jacksonville has grown to 108,260, up from 42,647 – these are jobs within the state’s manufacturing, retail, wholesale and distribution industries. The researchers attribute this growth to an increase in the port’s container volumes.
The new overall job figure of 132,599 has more than doubled from port economic impact findings released by the same research firm in 2008, when direct, induced, indirect and related jobs totaled 65,000.
“Job generation in the private sector is a primary goal of ours” said JAXPORT Chief Executive Officer Brian Taylor. “This updated research reaffirms that as JAXPORT grows its international reputation and as we continue to invest in building a state-of-the-art public seaport, we create significant opportunities for local businesses and individuals to prosper.“
The latest study concludes that cargo activity in Jacksonville supports $26.9 billion in total economic output, $1.8 billion in personal income and local consumption is generated by area jobs dependent on activity at the port.
In addition, the latest research finds that $727 million in state and local taxes are related to activity through the port. Of that, $169 million in taxes were directly generated by cargo operations, a $40.2 million increase over 2008.
For more information please read the study by clicking below: