THE PORT OF JACKSONVILLE 2018 Prepared by: Martin Associates - PowerPoint PPT Presentation

ECONOMIC IMPACT OF THE PORT OF JACKSONVILLE 2018 Prepared by: Martin Associates August 5, 2019 941 Wheatland Ave., Suite 203 www.johncmartinassociates.com Lancaster, PA 17603 1

Why Conduct Economic Impact Studies Community Public awareness Directors Legislature Allocation of Funding requests resources Why Conduct Economic Impact Studies? Planners Board Members Comparison of Project projects justification Government Officials Policy implications: Navigational projects Port closures 2

How the Port Impacts the Economy 3

Methodology Interviews Indirect/ with Port Induced Tenants/ Statistics Models Service Providers Sensitivity Analysis Economic Impact Model Baseline Impacts - Jobs - Income - Revenue - Taxes 4

Economic Impact of the Port of Jacksonville, 2018 5

26,282 Total Jobs Were Generated by JAXPORT and Private Marine Terminals in 2018 INDIRECT: 5,131 INDUCED: Purchases by Goods/Services 10,276 M&R Employees Food Equipment Shelter Utilities Transportation Fuel Medical Insurance Retail Apparel Purchases by Firms DIRECT: 10,876 Pilots Terminal Operators Terminal Construction Tugs Longshoremen Government Agents Warehousing Trucking Maritime Services Forwarders Rail Tenants Vessel Repairs 6

Containerized Cargo Generates the Greatest Number of Direct Jobs Direct Jobs 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 7

Distribution of Direct Jobs by Category Direct Jobs TRUCK TERMINAL EMPLOYEES/LONGSHOREMEN WAREHOUSING MARINE CONSTRUCTION/ SHIPYARDS RAIL FORWARDERS MSC. MARITIME SERVICES GOVERNMENT BARGE/BUNKERS PORT AUTHORITY TOWING STEAMSHIP LINES/AGENTS PILOTS 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 8

JAXPORT Accounts for 87% of the 10,826 Direct Jobs; Containers and Autos Dominate the JAXPORT Direct Jobs Total Direct Jobs JAXPORT Direct Jobs 13.27% 86.73% Containers Autos/RoRo Forest Products Other Break Bulk JAXPORT Private Terminals Liquid Bulk Dry Bulk Non-Allocated 9

Marine Cargo Activity at the Port of Jacksonville Supported Nearly $31.1 Billion of Economic Value to the State of Florida in 2018 Port of Jacksonville Economic Value (Billions) Direct Business Revenue $2.6 Related Economic Output $27.0 Re-spending/Local Consumption $1.5 TOTAL $31.1 10

Containerized Cargo Generates the Greatest Direct Revenue Impact $2.6 Billion Direct Revenue CONTAINERS NOT ALLOCATED LIQUID BULK AUTOS DRY BULK PAPER/PULP/LUMBER OTHER BREAK BULK STEEL $0 $200 $400 $600 $800 $1,000 $1,200 11

Port of Jacksonville Generated $247.1 Million of Direct, Induced and Indirect State and Local Taxes Millions $ $117.60 $129.50 State Local 12

Related User Impacts 13

Changes Since 2013: Nearly 1 Million Ton Increase in Containerized Cargo $232.4 1,943 $78.2 Million Direct, Million Direct Induced, State, Business Indirect Local Revenue Jobs Taxes 14

Growth in Asian Containerized Cargo at JAXPORT 2,000 1,800 1,600 1,400 1,200 Thousands of Tons 1,000 800 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 JAXPORT Asian Containerized Cargo 15

Economic Impact of Asian Containerized Cargo -- Growth Since 2013 16

Comparison of Actual Asian Containerized Cargo Jobs Impact in 2018 Compared to Estimated Impact for 2020 Associated with Deepening Project 2014 Forecast 2018 Actuals: for 2020: 5,538 direct, 5,675 direct, induced and induced and indirect jobs indirect jobs 17

Vessel Size Continues to Increase – Project Acceleration is Critical Hyundai Merchant Marine (HMM), has announced plans to build twelve 23,000 TEU vessels, and another eight 14,000 TEU vessels. The 23,000 TEU ships will be delivered in the second quarter of 2020, while the 14,000 TEU ships will be delivered beginning in 2021. “ 18