Reveals Port as a Driving Force in Broward County’s Strong Economy
Elevated containerized cargo and passenger volumes at Broward County’s Port Everglades strengthened economic activity and create new jobs in Florida, according to a newly released report for fiscal year 2018 (October 1 through September 30) by internationally recognized maritime research company Martin Associates. Overall, the study reflected positive growth in all economic indicators including jobs, personal income, economic activity, local purchases and state/local taxes.
“These numbers clearly demonstrate that Port Everglades is a driving force in our strong economy, greatly contributing to the quality of life in Broward County and throughout Florida. The cargo, cruise and fuel operations create jobs and income, provide opportunities for local businesses, bring visitors to our area and generates billions of dollars in tax revenue that support cities and communities here and throughout the state,” said Broward Mayor Mark Bogen.
Economic activity reached nearly $34 billion in FY2018. This growth was propelled by year-over-year increases in containerized cargo and the number of cruise passengers. Port Everglades is the 11th busiest container cargo port in the United States moving 1.1 million TEUs (20-foot equivalent units, the industry standard measurement for container volumes) in FY2018, and is among the top three cruise homeports in the world, with 3.8 million cruise and ferry passengers.
The Local and Regional Economic Impacts of Port Everglades for Fiscal Year 2018 report can be found on the Port’s website porteverglades.net.
About Port Everglades
As one of Florida’s leading economic powerhouses, Broward County’s Port Everglades is the gateway for international trade and cruise vacations. The Port Everglades Department is a self-supporting Enterprise Fund of Broward County, Florida government with operating revenues of almost $168 million in FY2018. It does not rely on local tax dollars for operations. For more information on Port Everglades, visit porteverglades.net or e-mail PortEverglades@broward.org.
About the Study
Martin Associates was retained by Broward County’s Port Everglades Department to measure the local, regional and state economic impacts generated by maritime activity at the maritime container, break bulk, liquid bulk and dry bulk cargo terminals as well as cruise terminals at Port Everglades. The impacts of Port Everglades presented in the FY2018 report were estimated based on telephone, personal interviews and data collected from firms in the Greater Fort Lauderdale area conducted between February and April 2019, as well as Martin Associates’ in-house databases developed over previous studies for the Port. The results in the FY2018 report were also affected by the use of updated U.S. Bureau of Census indices as well as Bureau of Economic Analysis Regional Input-Output Model (RIMSII) multipliers, which may have resulted in variations from the previous year’s economic impact data results.
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