Charleston to Invest in Infrastructure
South Carolina’s Port of Charleston is one of the largest container ports in the U.S. and generates about $53 billion in annual revenue. To ensure its future competitiveness, the South Carolina Port Authority (SCPA) will be investing more than $1 billion in port expansion projects, which will be completed by 2020.
The expansion will include a new terminal in North Charleston as well as deepening of Charleston Harbor’s shipping channel to 52 feet in order to accommodate larger vessels calling the port. The channel dredging, which was approved by the U.S. Army Corps of Engineers, is expected to cost about $510 million.
The first phase of North Charleston’s $700 million container terminal is expected to be completed by 2020 and shippers will benefit by the rail transfer terminal complex, which is near the terminal.
Also, South Carolina and Georgia officials hope to construct a $4.5 billion port along the Savannah River. Georgia recently received approval for a $706 million deepening of Savannah Harbor.