PortMiami’s 2023 economic impact tops $61 billion

PortMiami (Photo credit PortMiami)PortMiami’s annual economic impact has increased significantly to $61.4 billion, up from $41.4 billion in 2016, according to a new study conducted by Martin Associates.

The study also shows that the number of jobs supported by the seaport’s cruise and cargo activity has grown to 340,078 jobs from 334,500.

The study utilized the same methodology that was used to measure the seaport’s 2016 economic impacts, and measured PortMiami’s impact in terms of jobs, business revenue, consumer spending, and state and local taxes:

· $61.4 billion total economic activity, which accounts for 3.9 percent of the $1.6 trillion Gross Domestic Product (GDP) for the state of Florida.
· $2.2 billion in state and local taxes, of which $1.6 billion is attributed to Port users.
· 340,078 jobs support by port activity, including 29,423 direct local jobs.

“PortMiami is not only one of Miami-Dade County’s most important economic engines, its economic impact is also felt regionally and globally,” said Miami-Dade County Mayor Daniella Levine Cava. “This report confirms the seaport’s vital role in supporting good-paying local jobs and contributing to the growth of our community, in addition to our commitment to resilience and reducing our carbon footprint with shore power and our net zero plan.”

The economic impact analysis was based on data developed through extensive interview and telephone survey program of the seaport’s tenants and the firms providing cruise and cargo services at PortMiami. Additionally, a survey of cruise passengers and cruise vessel crew was conducted to develop passenger spending profiles pre- and post-cruise as well as the spending characteristics of the vessel crew during each port call at Miami.

“The seaport continues to play a critical role in the economic vitality of our region. We will continue to invest in our infrastructure to ensure that PortMiami remains a world class cruise and cargo port,” said Hydi Webb, Director and CEO, PortMiami. “I want to thank all the seaport’s partners for their unrelenting support. Our continued growth and success are a result of strong collaborations.”

PortMiami is recognized as the Cruise Capital of the World and Cargo Gateway of the Americas. The seaport operates as a landlord port and partners with 23 cruise line companies, including Carnival Corporation, Royal Caribbean Group, MSC Cruises, Norwegian Cruise Line, and Virgin Voyages; and three cargo terminal operators including Port of Miami Terminal Operating Company, Seaboard Marine, and South Florida Container Terminal.

(PortMiami’s 2023 economic impact tops $61 billion – PortMiami)