Port Everglades' economic impact reverberates through Florida
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 review 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 Port Evergrades said in its news release.
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 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.
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.
About Port Everglades
As one of Florida’s leading economic generators, Broward County’s Port Everglades is the gateway for international trade and cruise vacations. Consistently ranked among the top three busiest cruise homeports in the world, Port Everglades is also one of the nation’s leading container ports and South Florida’s main seaport for receiving energy products including gasoline, jet fuel and alternative fuels. The Port Everglades Department is a self-supporting Enterprise Fund of Broward County, Florida government with operating revenues of $151.7 million in Fiscal Year 2022 (October 1, 2021 through September 30, 2022). It does not rely on local tax dollars for operations.