Freight News, Sea

New Study Shows Port Canaveral Significantly Contributes to Florida’s Overall Economy

[ October 27, 2019   //   ]

The economic impact of Port Canaveral operations was revealed today in the results of a new economic impact study released at the Canaveral Port Authority’s Board of Commissioners meeting. The Port’s total economic contribution throughout Florida equaled $3.9 billion in output, 32,650 jobs and $1.3 billion in wage income.
According to Business Research and Economic Advisors (BREA), authors of the study, the activity across all business lines resulted in $1.94 billion in direct impact in the Central Florida economy, which contributed to the direct employment of more than 17,200 workers who received $729.4 million in wages.
“We have long appreciated the significant role our business lines and all operations bring about in helping to grow the local and regional economies,” Port CEO Captain John Murray stated. “This new study further substantiates the significant impact and accountability we have in support of the many firms, businesses, and employees directly related to our Port.”
The economic activity of the Canaveral Port Authority also generated tax revenues for state and local governments across Florida. BREA’s analysis showed that an estimated $107.2 million in total state and local tax revenues, predominantly sales, use and excise taxes were paid across the state.
Business Research and Economic Advisors (BREA) was engaged by the Canaveral Port Authority (CPA) to conduct an analysis of the economic contribution of Port Canaveral to the state of Florida during 2018. The objective of the study was to quantify employment, wages, expenditures and taxes that were directly and indirectly related to the movement of cruise passengers and cargo through Port Canaveral, the operational activity of tenants who conduct their business on property owned and maintained by CPA, and patrons of CPA parks, recreational facilities and attractions.
In all, the activities of four CPA business segments were analyzed and formed the basis of the report. Each business line contributed to the economic impact of the Port. The Cruise segment, for example, generated $1.3 billion economic impact and supported 12,964 regional jobs paying $516.6 million in annual wages.
Also, Murray and Chief Financial Officer Mike Poole provided the Board of Commissioners with Fiscal Year 2019 year-end financials. The Port earned $110 million total revenues from all business segments, up 6 percent over 2018.
Revenues from cruise operations totaled $81.9 million, up 5 percent over 2018. Multi-day passenger movements at Port Canaveral, the world’s second busiest cruise port were 4,634,154 in 2019, compared to 4,568,431 in 2018. Cargo tonnage rose to 6,487,769 tons, slightly above 2018.
“Port Canaveral is a driving force in the local and regional economies. As our growth continues, we’re bringing more visitors to our area, generating tax revenues to support our communities, and creating jobs and opportunities for area businesses to thrive,” Murray said.
Port Canaveral’s fiscal year ended Sept. 30, 2019.