Study: Port Canaveral Generates $3.9B in Economic Activity
A new economic impact study released Thursday shows that Port Canaveral's total economic contribution across the state of Florida includes $3.9 billion in economic output, 32,000 jobs and $1.3 billion in wage income.
According to Business Research and Economic Advisors (BREA), authors of the study, the activity across all of the port's business lines resulted in nearly $2 billion in direct impact in the Central Florida economy, which contributed to the direct employment of more than 17,000 workers and $730 million in wages.
“We have long appreciated the significant role our business lines and all operations bring about in helping to grow the local and regional economies,” Port CEO Captain John Murray said in a statement. “This new study further substantiates the significant impact and accountability we have in support of the many firms, businesses, and employees directly related to our Port.”
The economic activity of the Canaveral Port Authority also generated tax revenues for state and local governments across Florida. BREA’s analysis showed that an estimated $107 million in total state and local tax revenues were paid in Florida thanks to port-related activity.
In addition to the new BREA report, Murray and port CFO Mike Poole provided the port's board of commissioners with FY2019 year-end financials. The Port earned $110 million in total revenues from all business segments, up 6 percent over 2018.
“Port Canaveral is a driving force in the local and regional economies. As our growth continues, we’re bringing more visitors to our area, generating tax revenues to support our communities, and creating jobs and opportunities for area businesses to thrive,” Murray said.