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New capital projects abound, including $15 million in security improvements to monitor what goes on at the port.
The report also highlights the port's growing financial stability; its ability to refund a number of outstanding bonds; reduction of the port's ad valorem tax rate for 18 consecutive years; and the creation of an $8.5 million fund for capital improvements.
More details: The port's maritime operations produced some $2 billion in economic activity in the state, while the amount of income and local expenditures generated for 2011 is estimated at $771.3 million, resulting in $134 million in local and state taxes.
2013 version is full of positive news essentially a quick recap of last year's study by Martin Associates of the port's economic impact. One highlight: 21,590 jobs generated by vessel and cargo activity, 11,230 of them having direct impact on the local and regional economies.
a ship's waterline and the bottom of its hull. The more cargo a Gold Rolex Submariner Blue Face
A major capital project on track to begin soon is construction of a second marine cargo dock, courtesy of a $12 million transportation grant from the federal government. It all adds up to more jobs and more revenue.
"It means a lot of people working to load and unload that vessel and move that cargo. It just makes it more beneficial in terms of the impact on our port directly and in our community."
The project is vital to the port's ability to take advantage of coming economic opportunities, Campirano said.
vessel carries, the deeper the draft.
The federal Water Resources Development Act, which contains money for ports, is a possible source of funding this year or next, Campirano said. If the port gets its hoped for liquefied natural gas export terminal, the company building it, Gulf Coast, might be persuaded to cover some of the cost as well, he said.
"Larger vessels and more cargo is a big plus to the port, especially in bulk commodities because that's where the jobs are," said Eddie Campirano, port director and CEO.
However, further study, revealed that depth rather than width is the most important factor when it comes to what types Rolex Gmt Master Ii Review of business the port is likely to be in a position to attract in coming years.
Plans originally called for widening the channel to 350 feet from its current 250 feet in addition to deepening it. The total cost was estimated at $293 million.
One thing for certain is that no state money exists for such projects, Campirano said. Unlike some Gulf states, Texas "doesn't have any money for ports," he said.
Not being able to accommodate them limits the port's marketability, Campirano said.
Draft refers to the distance between Rolex Datejust 41 Blue Dial
Just deepening the channel would knock about $100 million off the estimated price of an upgrade. At any rate, some widening is inevitable when the channel is deepened.
The State of the Port also touts a record amount of cargo (7.1 million metric tons) moving through the port in 2012; the port's ranking of Number 4 among the nation's top 25 Foreign Trade Zones and Number 2 in Texas; and a boost in operating revenues from $12.6 million in 2008 to $15.2 million in 2012.
Director stresses need for deeper channel
The need may be clear, but how to pay for it is not. Campirano said completing the massive project will depend on port, local and federal support. The next step is to work out the funding details.
The port has invested $24 million in capital improvements over the past five years, $5 million of them taking place in 2012.
From the shipper's perspective, more cargo per voyage equals lower costs, Campirano said.
In port operations, 11,230 jobs directly impact the local and regional economy, while business revenue related to the handling of marine cargo generated an estimated $925 million in local economic impact in 2011, according to the report.
The port currently can't handle vessels with draft requirements of more than 39 feet enough for Panamex vessels but not post Panamex vessels, which require a draft of at least 45 feet. "Post Panamex" represents the world's supertankers and the largest container ships, unable to fit through the Panama Canal.
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