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

Prepared by: Martin Associates 941 Wheatland Ave., Suite 203 Lancaster, PA 17603 August 5, 2019 www.johncmartinassociates.com

ECONOMIC IMPACT OF THE PORT OF JACKSONVILLE 2018

1

Why Conduct Economic Impact Studies

2 Community

Public awareness

Directors

Allocation of resources

Board Members

Project justification

Government Officials

Policy implications:

Navigational projects Port closures

Planners

Comparison of projects

Legislature

Funding requests

Why Conduct Economic Impact Studies?

3

How the Port Impacts the Economy

Methodology

4

Interviews with Tenants/ Service Providers Port Statistics Indirect/ Induced Models

Economic Impact Model Baseline Impacts Sensitivity Analysis

• Jobs
• Income
• Revenue
• Taxes

Economic Impact of the Port of Jacksonville, 2018

5

6 INDUCED: 10,276

Food Shelter Transportation Medical Retail Apparel

INDIRECT: 5,131

Goods/Services M&R Equipment Utilities Fuel Insurance Pilots Tugs Agents Maritime Services Vessel Repairs Terminal Operators Longshoremen Warehousing Forwarders Terminal Construction Government Trucking Rail Tenants

DIRECT: 10,876

Purchases by Firms Purchases by Employees

26,282 Total Jobs Were Generated by JAXPORT and Private Marine Terminals in 2018

Containerized Cargo Generates the Greatest Number of Direct Jobs

1,000 2,000 3,000 4,000 5,000 6,000 7,000

Direct Jobs

7

Distribution of Direct Jobs by Category

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 PILOTS STEAMSHIP LINES/AGENTS TOWING PORT AUTHORITY BARGE/BUNKERS GOVERNMENT

• MSC. MARITIME SERVICES

FORWARDERS RAIL MARINE CONSTRUCTION/ SHIPYARDS WAREHOUSING TERMINAL EMPLOYEES/LONGSHOREMEN TRUCK

Direct Jobs

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86.73% 13.27%

Total Direct Jobs

JAXPORT Private Terminals

JAXPORT Direct Jobs

Containers Autos/RoRo Forest Products Other Break Bulk Liquid Bulk Dry Bulk Non-Allocated

JAXPORT Accounts for 87% of the 10,826 Direct Jobs; Containers and Autos Dominate the JAXPORT Direct Jobs

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

STEEL OTHER BREAK BULK PAPER/PULP/LUMBER DRY BULK AUTOS LIQUID BULK NOT ALLOCATED CONTAINERS

$0 $200 $400 $600 $800 $1,000 $1,200

Containerized Cargo Generates the Greatest Direct Revenue Impact

11

$2.6 Billion Direct Revenue

$129.50 $117.60

State Local

Millions $

Port of Jacksonville Generated $247.1 Million of Direct, Induced and Indirect State and Local Taxes

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Related User Impacts

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Changes Since 2013: Nearly 1 Million Ton Increase in Containerized Cargo

$232.4 Million Direct Business Revenue 1,943 Direct, Induced, Indirect Jobs $78.2 Million State, Local Taxes

Growth in Asian Containerized Cargo at JAXPORT

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Thousands of Tons

JAXPORT Asian Containerized Cargo

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Economic Impact of Asian Containerized Cargo -- Growth Since 2013

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Comparison of Actual Asian Containerized Cargo Jobs Impact in 2018 Compared to Estimated Impact for 2020 Associated with Deepening Project

2014 Forecast for 2020: 5,675 direct, induced and indirect jobs 2018 Actuals: 5,538 direct, induced and indirect jobs

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Vessel Size Continues to Increase – Project Acceleration is Critical

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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.

“