Study: Ports Responsible For $2.9 Trillion In Economic Activity
The American Association of Port Authorities (AAPA), the unified voice of more than 80 United States ports, released its 2024 Port and Maritime Industry Economic Contribution Report on October 16.
The report calculates that ports are responsible for $2.9 trillion in economic activity and 21.8 million American jobs. “One out of every eight jobs and almost $2.9 trillion in GDP means that we simply cannot begin to imagine our world without American ports,” said Cary S. Davis, AAPA president and CEO. “In spite of a perfect storm of challenges, including a pandemic, major macro-economic and geostrategic pressures and increasingly protectionist political headwinds at home, the port industry remains an indispensable part of our nation’s supply chain as well as a dynamic catalyst for healthy growth and prosperity. That is exactly why federal government policymakers should continue making smart investments in our port system that will pay exponential dividends.”
The report found that:
• The maritime industry, its consumer spending, suppliers and port users support 21.8 million American jobs.
• That means the port and maritime industry supports more than one out of eight jobs in the total U.S. workforce.
• Total employment-supported port and maritime activity is larger than the workforce in 90 percent of U.S. metropolitan areas.
• The average wage of a port and maritime employee is almost $100,000, which is 20 percent more than the average U.S. worker.
• Ports’ contribution to U.S. gross domestic product totals almost $2.9 trillion.
• The wages and benefits supported by ports and maritime activities total almost $2.8 trillion.
• More than $2.1 trillion, accounting for more than 40 percent of the total value of U.S. goods, passed through a port.
The report reflects insights and analysis from AAPA in collaboration with congressional economists from Ernst & Young using the nationally recognized IMPLAN model based on U.S. Government data from 2023. Thanks in part to a more comprehensive picture of the port industry, which includes additional cargo and business segments like cruise and liquid bulk, the number of direct jobs attributable to the industry has increased compared to previous studies.
To read the full report, visit www.aapa-ports.org.
