USA: Dredging to Bring Benefits to St. Joe Port, Study Says

The Port St. Joe Port Authority today announced that the results of an economic impact study, conducted by the Washington Economic Group (WEG), concluded that the proposed port infrastructure improvements are estimated to generate nearly $133 million in net state revenues, representing a total return on investment (ROI) of nearly $4.66 to state taxpayers for each state dollar invested in the project.

Specifically, the WEG team analyzed the potential economic impacts of: dredging the port channel; port operations; rail expansion; and the development of a wood pellet production facility. In addition to the positive financial returns, the study’s findings concluded that the proposed Port modernization plans are estimated to generate:

• an average of 803 annual equivalent jobs from 2015 through 2025, which includes temporary construction jobs in 2015 along with the jobs that accompany sustained operations at the improved Port beginning in 2016.

• more than $941 million in total economic impact and add $490 million to Florida’s Gross Domestic Product by 2025.

This ROI report from The Washington Economic Group is indeed good news,” said Leonard Costin, Chairman of the Port St. Joe Port Authority.This investment is classified as an infrastructure loan which normally looks to a minimum ratio of at least one dollar return for each dollar invested. The investment by the State of Florida is expected to yield more than four times each dollar invested. This is an excellent return which is competitive not just with return-on-infrastructure investments but also with state-wide economic development standards. Moreover, the project is expected to have nearly a $1 billion economic impact to the State of Florida over the expected life of the investment.”

This study validates the knowledge that investing in this port will significantly change the landscape of economics for Florida,” said State Representative Halsey Beshears (R-Monticello).Employment opportunities, even temporary ones, for construction workers, truckers, and rail workers will generate an impact that we have not previously seen for the people of North Florida.”

I look forward to being of assistance in the development of the port at Port St. Joe,” said Senator Bill Montford. “It will be a much needed economic stimulus for the entire North Florida area.”

WEG’s report says: “Port modernization and expansion in the face of increasing international trade activity, especially with activities associated with the expansion of the Panama Canal, are essential to maintaining the economic dynamism of the State and Northwest Florida region, and will yield significant benefits by increasing employment opportunities and generating greater personal income for Florida residents. The expanded and modernized Port of Port St. Joe supports the Economic Development Strategy of the State and the Great Northwest [Florida]. An expanded and modernized Port of Port St. Joe increases the multimodal logistics infrastructure of the State while also attracting new manufacturing to the area.

Press Release, February 7, 2014

Share this article

Follow Dredging Today

Events>

<< Feb 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 1 2 3 4 5

National Coastal Restoration Conference – Christchurch

The first three days will include speakers, seminars and local field-trips around the Christchurch urban beaches and the local North Canterbury coast…

read more >

(ISP-IDFC) International Combined Conference on INTEGRATION OF SEA PORTS & INNOVATIONS IN DREDGING & FUTURE CHALLENGES

The combined conference will focus towards enhancing the ports capabilities by doing the integration of our major and minor ports across…

read more >

Africa Ports Expansion 2017

Join senior officials from Kenya Ports Authority, Egypt’s Port Said Port Authority, Tanzania Ports Authority, Ghana Ports and Harbours Authority, Mauritius Ports Authority, Nigeria Ports Authority and more to gain insights into their port development plans and identify opportunities for your business.

More Info http://bit.ly/2jHFlmM

read more >

Coast & Marine Structures 2017

Join the 9th Annual Coasts and Marine Structures 2017 conference

Discover Best Practise Strategies for Design, Planning, Construction and Asset Management

To remain competitive, Australian port operators must plan, design, manage and maintain their assets more creatively and proactively to meet future demands and drive profitability.

With this in mind, our Coast and Marine Structures Summit 2017 will focus on key considerations relevant to ensuring your existing assets are maximised and prepared to accommodate bigger vessels.

Hear from 20+ global experts including Maritime/Coastal Engineers, Contractors, Port Authorities and more, including GHD (USA), Indonesian Port Corporation (Asia), G-Group Consulting (New Zealand), Ausenco (Australia), Port Authority NSW (Australia), to name a few.

By attending this 2-day conference, you’ll learn about:

Innovative planning and design of ports to create efficiencies that drive profit
Best practice asset management strategies and new PIANC design principles for bulk terminals
Proactive asset management and maintenance to improve durability and maximise and extend asset lifecycles
Alternative material and protection techniques trialled and tested in the US and Europe
Strategies to shift organisational culture and mindset from asset management to asset maintenance
How you can leverage technology to increase the efficiency of your marine structures
Case studies on retrofitting, expanding and upgrading your ports in cost-effective ways
To learn more or book a ticket, contact us now!

W: http://www.marinestructures.com.au/ 

P: +61 2 9229 1000

E: enquire@iqpc.com.au

Read More

read more >

Jobs>

Design & Proposal Engineer Dredging

As Design & Proposal Engineer you translate customer requirements into the design of a vessel in close cooperation with...

apply

Dredge Masters, Engineers and Superintendent\\\\\\\'s Urgently Required!

Flagship Management is working with a number of leading international marine and dredging organizations and require the following candidates for a range of global projects...

apply

Network Support Engineer

As Network Support Engineer you will be responsible for the installation / configuration, operation and maintenance of the infrastructural....

apply