The Alabama Port Authority has release figures from an economic impact statement it commissioned, showing that economic impact was up 217% and taxes paid up 225%, while the number of jobs was up 94%.
The study calculates the port’s economic impact on Alabama at $85 billion.
“In addition, economic activity at the Port creates about one in seven jobs statewide, with a total of 312,896 jobs across the State of Alabama. The economic activity from the Port and related businesses also provides $2 billion in tax revenue to the State and local governments each year,” the Port Authority said in announcing results of the study.
The study was performed by Martin Associates, which specializes in calculating the economic value of ports.
“These results are cause for celebration throughout Alabama,” said U.S. Senator Richard Shelby, vice chairman of the Senate Appropriations Committee. “The impact that the Port of Mobile has already had on Alabama’s economy is remarkable. I am proud to witness this great news and believe these numbers will continue to improve. I have long known that Alabama’s largest port could have a pivotal impact on the growth of our state. Throughout my career, I’ve focused on projects that aim to position Alabama for long-term success, and the Port has been one of those priorities. Its rise is attributable to everyone who has been involved in promoting its growth and the many ways it benefits Alabama. This is just the beginning.”
Port Director and CEO John Driscoll added: “These numbers make it clear that the Port of Mobile is a tremendous asset to the State of Alabama. Economic activity at the Port radiates across the entire state – whether it’s auto manufacturing, agriculture, logistics, space and defense, forest products, energy, or any of the myriad of other industries that make Alabama great, every corner of the state sees some benefit from the Port’s work. We believe that the Port of Mobile is the most dynamic, compelling port in America, and as we look ahead to an expanded container terminal, a deeper and wider ship channel, intermodal rail, and inland ports, these numbers will only grow. While these results are a sign of the progress made to date, we know there is more room for growth in our future and look forward to continuing to deliver for our customers and the entire State of Alabama.”
The port is ranked as the fastest-growing container terminal in the country, with volume up 54.9% since 2017. The port has set a cargo record nearly every month this year.
To read the entire study, click here.