Cruise boom and cargo growth power Port Everglades to another record-breaking year
Broward County, Florida – Port Everglades continues to make waves in the world of international trade and tourism, as its newly released economic impact numbers for Fiscal Year 2024 show the port’s value has grown yet again. Martin Associates, a company that specializes in the industry, says that the port’s operations brought in an impressive $28.1 billion for the economy, which is a 6 percent increase over last year.
The port’s effects go beyond just making a lot of money; thousands of people rely on its daily operations to make a living. The research said that Port Everglades is responsible for more than 204,000 jobs, with about 12,270 of those positions directly connected to port activities. This is a significant 13.9 percent growth over the previous year. Local communities are also affected since port workers and businesses spend money in the area, which creates more than 9,500 jobs.
The port’s economic influence goes considerably further in an indirect way. Companies that carry goods through the port and provide services to the cruise and cargo terminals are responsible for around 9,430 additional jobs. The port remains one of Broward County’s most important economic engines, and it doesn’t need local tax revenues to run. Instead, Port Everglades operates as a self-sustaining enterprise, and the taxes paid by those whose work is connected to the port added up to more than $1.1 billion for state and local coffers over the past year.
Joseph Morris, CEO and Port Director, emphasized the port’s ongoing role as a powerhouse for South Florida:
“The numbers demonstrate that our port’s position as a leading economic engine is well-earned and of great value to Broward County, and Florida’s residents and visitors,” said Morris. “As we plan for future growth, we are keenly focused on ways to improve our services to our customers and our contributions to the maritime industry.”
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Port Everglades is already planning for additional expansion this year. By the end of Fiscal Year 2025, a record 4.4 million people are predicted to go on cruises. Also, important improvements to the port’s infrastructure are already underway. For example, bulkheads are being replaced, and a full Master/Vision Plan Update is being performed to figure out which big expenditures should guide the port’s growth over the next few years.
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The port is at a great location between Dania Beach, Fort Lauderdale, and Hollywood, right in the middle of a busy shopping area and near to the Atlantic Shipping Lanes. Its contemporary rail and highway connections make it even more important as a commercial route to and from Latin America, the Caribbean, Europe, and Asia. Port Everglades is certain to stay an economic powerhouse for years to come, with $3 billion in capital enhancements planned over the next 20 years.
