May/June 2013 pdf - Port Canaveral

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Economic Impact Soars The community impact from Port activities has grown dramatically in the past three years. Job creation rose nearly 30 percent. Local purchasing climbed almost 50 percent. Revenue generated for local businesses escalated by about 75 percent. “The success of Port Canaveral is the success of the community,” said Tom Weinberg, Chairman of the Board of Commissioners. “As we celebrate 60 years, we continue our commitment and understand our responsibility as an efficient, consistent economic engine for central Florida.” The growth statistics were revealed in the 2012 Economic Impact Study of Port Canaveral by Martin and Associates. The new study updates the 2009 report and clearly shows how the Port’s business expansion has been translated into powerful growth for the local economy. Impact-Generating Activities The studies measured the local, regional and state economic impacts generated from the Port’s cargo and cruise business, marinas and real estate activity. Cargo includes petroleum, salt aggregates, limestone, concentrated juices and other cargo moving through the Port. Cruise includes homeported ships, port-of-calls and daily gaming voyages. Impacts include those on the local tourist industry as well as on the region’s airports. Marina activity includes recreational boats that are moored at private marinas on Port-leased land, as well as transient boating activity at these harbor and barge canal facilities. Real estate activity comes from the offices, restaurants, retail stores, and the industrial and recreational operations located on property leased from the Port. For the 2012 study, 100 percent of the 294 firms engaged in these activities plus 1,100 cruise passengers and ship crew were interviewed. 17,000 Jobs Port activity creates four levels of employment impact. Some jobs are generated directly by the activities. Most of these are local and would disappear if the Port’s facilities were closed. Direct employment includes truckers, steamship agents, terminal operators, stevedores, construction workers, hotel workers, servers, cab drivers, retail store clerks, boat mechanics and employees of tenant businesses. These directly employed workers spend their wages locally on goods and services such as food, housing and clothing, thereby creating induced jobs throughout the region and state. Indirect jobs are created due to purchases of goods and services by firms rather than individuals. The total number of direct, induced and indirect jobs created by Port activity in 2012 was 16,983, nearly 8,000 of which were direct jobs. Cargo created 3,381 total jobs; cruise created 11,017; marinas created 390; and real estate created 2,195. The fourth category of jobs is not entirely dependent upon the seaport, but does reflect the importance of Port Canaveral to local firms. These are jobs with firms using the cargo terminals to ship and receive cargo. $808 Million in Personal Income Overall, Port activities generated $807,960,000 in personal earnings impact, with the greatest impact – $482 million – coming from cruise activity. This impact is the measure of employee wages and salaries for direct jobs plus the portion of these earnings re-spent within the region and state on goods and services (the spending that creates the induced jobs impact). $2 Billion in Business Revenue Businesses providing services at the Port-owned marine cargo and cruise terminals and marinas, as well as to real estate tenants, received nearly $2 billion, excluding the price of homeported cruises. Of all the categories of impact, 2 May/June 2013 PORT CANAVERAL
ECONOMIC IMPACT STUDY this one has increased the most in the past three years, rising from $1.14 billion in 2009. Even without including the cost of cruises, cruise activity had the largest impact by far in this category, producing $1.6 billion in business revenue in 2012. The business revenue generated by Port activity is dispersed further throughout the economy in multiple ways. It is used to employ people, pay Port leases and wharfage and dockage fees, make tax payments and purchase goods and services. In 2012, this included $248 million in local purchasing. Ultimately, the impacts generated from the Port’s activities ripple outwards to positively affect nearly every area of the local and regional economy. $74 Million in State and Local Taxes One of the ways in which the Port impact spreads is through generation of tax revenue, which is spent throughout the region on projects that contribute to the public welfare. This tax impact includes tax payments to governments by firms and by individuals whose jobs are supported by Port and Port tenant activities. The 2012 tax impact rose by $26 million or almost 55 percent over 2009, reflecting the increased impacts on business income, personal income and total jobs. To learn more about the community impacts of Port Canaveral, including the most affected segments of the local economy and the specific impacts generated from each Port business sector, the complete study can be accessed at portcanaveral.com May/June 2013 PORT CANAVERAL 3
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May/June 2013 pdf - Port Canaveral

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