Port Tampa Bay has $17.2B annual economic impact on region
Florida’s largest and most diverse seaport today proudly announced its annual economic impact of $17.2 billion, based on a new, comprehensive economic impact study of 2015 numbers. In tandem with this significant economic contribution, the study also reveals that the number of jobs the port supports is 85,000 direct, indirect, induced and related jobs annually.
The economic impact study was researched and completed by the firm Martin Associates, and it builds upon Port Tampa Bay’s current status as the largest economic engine in the region. In addition to the $17.2 billion economic impact and 85,000 direct, induced, indirect and related jobs, the study shows total port-related wages and salaries and local consumption were calculated at $5.1 billion, while the mean salary for port-dependent jobs came in at $55,000, which is higher than the average for jobs within Hillsborough County. Between 2012 and 2015, cargo activity at the Port’s public and private marine terminals increased by 3.4 million tons. The overall growth in this tonnage was driven primarily by limestone and phosphatic fertilizers, petroleum products, containerized and break bulk steel products. To see the full report, visit www.PortTB.com.
The purpose of the study was to measure the local, regional and state economic impacts generated by maritime activity at the cargo terminals, cruise terminals, and shipyards, as well as non-maritime real estate interests at the port, for the entirety of the 2015 fiscal year. Martin Associates also conducted a previous economic impact study for Port Tampa Bay, based on FY2012 activity.
“In the short time I have been at Port Tampa Bay, we have been named the Port Operator of the Year by Lloyds List, StormReady® by the National Weather Service, and received C-TPAT certification by U.S. Customs and Border Protection, but having this study validates the incredible work our team at Port Tampa Bay and our partners provide here. It truly is a testament to our outstanding port community,” Paul Anderson, port president and CEO, said. “We look forward to increasing that overall economic impact in the years ahead, with a variety of opportunities and projects that we will be announcing. Port Tampa Bay is proud to be the largest economic engine in West and Central Florida, providing a great return on investment for the people of Tampa Bay and Florida. We look forward, with the support of all our partners, to build upon this success and strengthen our port and community for years to come.”
Key port partners echo the excitement over the positive news in the full report. Port Tampa Bay encompasses or touches hundreds of businesses and a wide variety of shipping, service provider and manufacturing interests, characterizing the port’s rich and diverse history and business lines.
Mosaic is the port’s single largest shipper of bulk cargo. Each year, the Plymouth, Minn.-based company receives raw materials and ships phosphate fertilizer through the port to destinations across the U.S. and around the world, providing vital nutrients that help grow food that feeds people across America and around the world. Mosaic and its predecessor companies have been an integral part of the port for decades and will be an important foundational partner in the port’s future growth.
“Mosaic and Port Tampa Bay have been partners for many years, and phosphate continues to play a significant role in the annual economic impact of the port, said Mark Kaplan, vice president, Phosphate Services, Mosaic Fertilizer. “We welcome this news and we look forward to continuing our long-standing relationship with the port as they continue to help us deliver on our mission to help the world grow the food it needs.”
On a broader basis, the port’s diversity of cargo is continually strengthened by the port’s large and diverse community of tenants and partners, including Ports America. “The diversity of Port Tampa Bay’s cargo mix is a key advantage. Ports America is proud to be a partner with the Port to support the growth of its container, break bulk and ro-ro activity,” remarked Tom Perdue, president of Ports America Stevedoring.