A new report by Martin Associates measures the local, regional and state economic impacts generated by maritime activity at US Port Everglades for the fiscal year 2018 (1st October 2017 through 30 September 2018). The cargo activity at the Port created an additional $30.1 billion of total economic output in Florida state.
Impacts are estimated in terms of jobs, personal earnings, business revenue, and state and local taxes. In addition to the baseline impact estimates, computer models specific to each terminal operation have been prepared that can be used in evaluating the sensitivity of impacts to changes in tonnage, labor productivity, labor work rules, commodity mix, inland origins/destinations of commodities and vessel size.
–> 231,579jobs in Florida are in some way related to the cargo and cruise activity at Port Everglades. Of the 231,579 total jobs:
- 13,127 direct jobs are generated by the ocean cargo and cruise activity.
- As the result of local and regional purchases by those 13,127 individuals holding the direct jobs, an additional 8,624 induced jobs are supported in the regional economy.
- 9,660 indirect jobs were supported by $744.4 million of local purchases by businesses supplying services at the cargo and cruise terminals and by businesses dependent upon Port Everglades for the shipment and receipt of cargo.
- The import and export cargo moving via Port Everglades supports 200,168 related user jobs with the state’s manufacturing and retail and wholesale and distribution industries and the in-state industries supporting the movement and distribution of all commodities, primarily concentrated with containerized cargo imports and exports using the seaport terminals for shipment and receipt of cargo.
–> Approximately $9.6 billion of wages and salaries were generated by Port Everglades’ cargo and cruise activity in FY2018.
- $531.1 million of direct wages and salaries were received by those 13,127 directly employed.
- As a result of re-spending this direct job holder income, an additional $1 billion of income and consumption expenditures were created and supported the 8,624 induced jobs.
- The 9,660 indirect job holders received $396.1 million of wages and salaries.
- The 200,168 related user job holders generated $7.7 billion in wages and salaries.
–> The FY2018 cargo and cruise activity at Port Everglades generated $33.9 billion in economic value to the state of Florida.
- Businesses providing services to the cargo and cruise terminals received $3.8 billion of revenue.
- In addition, the cargo activity at the Port created an additional $30.1 billion of related user economic output in the state, the vast majority of which is created by the movement of containers, and the in-state industries supporting these industries.
–> Local businesses and suppliers to the cargo and cruise industries at Port Everglades made $744.4 million of local purchases.
–> $1.2 billion of state and local taxes were generated by activity at the cargo and cruise terminals, including nearly $1 billion generated by the related users throughout the state
Further details may be found herebelow: