Louisiana ports identify $849 million in capital improvement needs
The Ports Association of Louisiana (PAL) has released a study that calls for $849 million in funding to complete 104 projects at the state’s ports over the next five years in order to remain competitive with neighboring U.S. Gulf Coast ports.
“Funding for new port infrastructure and dredging is a state priority, and our congressional and state legislators are aware and supportive of the future needs,” said Joe Accardo Jr., PAL executive director. “We must secure the funding to continue this capital improvement program for ports in our state.”
Accardo said that to meet the funding needs identified in the study, the ports would have to secure an additional $73 million annually based on the past level of contributions.
PAL members completed $455 million in capital projects from 2001 through 2005 with 89 percent of the funding coming from four sources:
* Port-generated income (38.8 percent).
* Port bonds (20.4 percent).
* Louisiana Port Construction and Development Priority Program (21 percent).
* The state Capital Outlay Budget (8.9 percent).
The report also identified 11 percent of the funds coming from other federal and state grant programs and private investment.
“Ports and waterways are Louisiana’s true link to the global marketplace. This is an aggressive plan and the completion of projects identified in PAL’s capital improvement plan is critical to the state’s economy and its competitiveness with neighboring Gulf of Mexico states,” Accardo said.
The complete 2007-2011 Five-Year Capital Improvement Plan study is available at www.portsoflouisiana.org .
Louisiana ports identify $849 million in capital improvement needs
