AAPA study: Ports add $2 trillion to U.S. economy
A study prepared for the American Association of Port Authorities said U.S. deep-draft seaports and seaport-related businesses generated about 8.4 million American jobs and added nearly $2 trillion to the economy.
AAPA said the study, by Lancaster, Pa.-based business consulting service Martin Associates, is based upon 2006 U.S. port cargo statistics and thousands of interviews.
The report said of the 8.4 million Americans working for ports and port-related industries in 2006, nearly 7 million were employed by firms involved in handling imports and exports, such as retailers, wholesalers, manufacturers, distributors and logistics companies.
'Tremendous growth in overseas trade volumes moving through our ports in the past decade has been a huge boon to the American economy,' said Kurt Nagle, AAPA's president and chief executive officer. 'The jobs these imports and exports create are spread throughout the country, not just in port cities, making them a vital part of our nation’s economic fabric.'
John C. Martin, president of Martin Associates, said when compared to a study his firm did in 2000, the figures “indicate a significant increase in the financial benefits that the port industry provides the American economy.”
He also said “port-sector jobs tend to pay above-average wages, which is important to ensuring America remain a strong economic force in the global community.”
The study said businesses providing goods and services to U.S. seaports directly and indirectly paid $314.5 billion in total wages and salaries, including $207.4 billion directly from businesses involved in handling international waterborne commerce. Business revenue and the value of the goods and services from port-sector businesses totaled $1.98 trillion.
In addition, port-sector businesses paid more than $102 billion in federal, state and local taxes in 2006, the study said.
AAPA study: Ports add $2 trillion to U.S. economy
