PortMiami Reports Increased Economic Impact in 2023

PortMiami Reports Increased Economic Impact in 2023

PortMiami’s annual economic impact has grown to $61.4 billion, up from $41.4 billion in 2016, according to a study conducted by Martin Associates, according to a press release.

The study measured PortMiami’s impact in terms of jobs, business revenue, consumer spending and state and local taxes. PortMiami has contributed $2.2 billion in state and local taxes, of which $1.6 billion is attributed to port users. Additionally, 340,078 jobs are supported by port activity, including 29,423 direct local jobs.

“PortMiami is not only one of Miami-Dade County’s most important economic engines, but 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.” 

Highlights of the 2023 study:

• $61.4 billion in total economic activity, which accounts for 3.9 per cent 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 supported by port activity, including 29,423 direct local jobs.

 

The economic impact analysis was based on data obtained through interviews and telephone survey programs of the seaport’s tenants and the companies providing cruise and cargo services at PortMiami. In addition, a survey of cruise passengers and crew was conducted to develop passenger spending profiles pre- and post-cruise as well as the spending characteristics of the 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, of 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.”