Study outlines boost to Georgia economy from ports
Two weeks after the governors of Georgia and South Carolina proposed jointly building a new marine terminal across the river from Savannah, a new study estimates touts Georgia ports' economic impact.
The study, released by the Terry College of Business at the University of Georgia, said that in fiscal year 2006, deepwater port activity in Georgia directly and indirectly supported 286,476 jobs and was responsible for $55.8 billion in sales, $14.9 billion in income and $2.8 billion in state and local taxes. Georgia has major deepwater ports in Savannah and Brunswick.
“Continued emphasis on the ports as a pillar of our state’s economy translates into jobs, higher incomes, greater production of goods and services and revenue collections at all levels of government,” said Gov. Sonny Perdue. “This report demonstrates that Georgia’s deepwater ports are thriving and will continue to generate even more substantial economic impacts in future fiscal years.”
For fiscal year 2006, taking into account an adjustment for inflation, the port’s output impact is 44 percent higher, its gross state product is 32 percent higher and its labor income impact is 26 percent higher than a similar study that was conducted for fiscal year 2003, according to Jeffrey M. Humphreys, the report’s author and director of the Terry College’s Selig Center for Economic Growth.
“Deepwater ports are one of Georgia’s strongest economic engines, fostering the development of virtually every industry year after year,” Humphreys said. “The ports are especially supportive of other forms of transportation, manufacturing, and wholesale/distribution centers.”
Study outlines boost to Georgia economy from ports
