Study: U.S. seaports contribute greatly to nation’s economy
Between 2014-2018, the total number of jobs supported by cargo moving through the United States’ deep-draft ports increased by more than one-third, from 23.1 million jobs to 30.8 million.
U.S. seaports have contributed greatly to the nation’s economy in the past five years, according to an economic impact study released by Martin Associates, Lancaster, Pa.
The “2018 National Economic Impact of the U.S. Coastal Port System” report reveals that between 2014-2018, the total number of jobs supported by cargo moving through the United States’ deep-draft ports increased by more than one-third, from 23.1 million jobs to 30.8 million. Also, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 17%,from $4.6 trillion to $5.4 trillion. This accounted for nearly 26% of the nation’s $20.5 trillion economy in 2018, which is the same 26% ratio as five years ago when the total U.S. GDP was $17.4 trillion. This is an indicator that the value of cargo activities at U.S. ports remains a key factor in America’s economic vitality.