The American Association of Port Authorities (AAPA) has released its 2024 Port and Maritime Industry Economic Impact Report, emphasizing the essential role U.S. ports play in the nation’s economy. Despite facing significant challenges, the port industry remains a key driver of growth, supporting millions of jobs and contributing trillions to the U.S. GDP.
Port Industry’s Economic Impact
The report highlights the extensive contributions of the maritime industry to the U.S. economy. Ports and related industries support 21.8 million American jobs, meaning one in eight jobs in the U.S. workforce is linked to the maritime sector. The average wage for employees in this industry is nearly $100,000, which is significantly higher than the national average.
Contribution to GDP and Trade
U.S. ports contribute almost $2.9 trillion to the nation’s Gross Domestic Product (GDP), with wages and benefits from port-related activities totaling $2.8 trillion. Additionally, more than $2.1 trillion in goods, accounting for over 40% of the total value of U.S. trade, passed through ports, further underscoring their importance in the global supply chain.
Collaborative Research and Analysis
The 2024 report reflects an in-depth collaboration between AAPA and economists from Ernst & Young, using the IMPLAN model based on U.S. Government data from 2023. By incorporating new segments like cruise and liquid bulk, the report presents a more comprehensive picture of the port industry, showing an increase in direct jobs compared to previous studies.
Conclusion
AAPA President and CEO Cary S. Davis emphasized the indispensable role of American ports in the economy, calling for continued smart investments by federal policymakers to ensure the industry’s sustained growth and prosperity. The report’s findings highlight the need for further support to maintain the vital role of ports in driving economic health.
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Source: American Association of Port Authorities
