1636
Views

Port Everglades' Economic Impact Reverberates Through Florida

Port Everglades
Port Everglades

Published Jun 12, 2023 9:08 AM by The Maritime Executive

If the pandemic and its fallout was a one-two punch to the seaport industry’s core, than Port Everglades’ newly released annual economic impact report is just the salve needed.

In Martin Associates’ contracted reviewPDF File of the seaport’s employment and financial influence from its cargo and cruise sectors, the Port’s footing as an economic driver is solid, not only for Broward County, but for the state of Florida.

The study measures the Port’s impact in terms of jobs, personal earnings, business revenue, and state and local taxes for Fiscal Year (FY) 2022. The results bear out the Port’s outsized impact:

  • $33 Billion in Economic Activity
  • $1.18 Billion in State and Local Taxes
  • 9,584 Direct Local Jobs
  • 216,543 Florida Statewide Jobs Supported

“The significant economic impact numbers demonstrate that we’re squarely back in the ring and ready to maintain our standing as a leading seaport in Florida with diverse business lines that allow us to be the port of choice for ocean-going cargo and cruise guests,” said CEO and Port Director Jonathan Daniels.

There was a nearly 10-percentage point increase in economic activity compared to the previous year’s $30 billion, and that upward trend in numbers is seen across the board in the FY22 report.

“While we are focused on continued growth that includes being able to accommodate larger vessels with three additional Super Post-Panamax gantry cranes arriving later this year, not only are we going to be big-ship ready, more importantly, we are right-ship ready.”

In the last fiscal year, Port Everglades’ three business lines recorded notable increases. Cargo had some record months for volumes with sailings from new markets in India, Asia and the Mediterranean. The Port also saw an uptick in its cruise traffic to mostly Caribbean destinations, and forecasts that more than 3.6 million guests will travel through the Port in FY2024. Not to be outdone, the energy sector saw its second-highest volume in Port history.

“The Port will continue to build on its FY 22 growth. That work has commenced with the cruise and cargo sectors notching numerous wins, including Disney Cruise Line selecting our Port as its second homeport -- with plans fully underway to open this fall -- coupled with this week’s arrival of MSC Mediterranean Shipping Company’s Santana Service, which connects Southeast Asia to the U.S., as part of the company’s port rotation change,” Daniels said.

For more information on Port Everglades, visit porteverglades.net.

The products and services herein described in this press release are not endorsed by The Maritime Executive.