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Posted on June 13, 2019
The economic impact of the Port of Boston has almost doubled since 2012 as the facilities serve as a gateway for increased global commerce both to and from Massachusetts, according to a report issued this morning.
The port, which is in the middle of $850 million infrastructure upgrade, generates $8.2 billion in economic activity and supports 66,000 jobs from its four major elements ” Conley freight terminal, the Flynn Cruiseport, the Boston Autoport and fish/seafood processing. The economic footprint has grown from $4.6 billon seven years ago.
Massport unveiled the economic report by Martin Associates at an event this morning co-sponsored by Associated Industries of Massachusetts.
“A globally strong economy like the one we enjoy in Massachusetts demands a world-class port to facilitate international commerce,” said John R. Regan, President and Chief Executive Officer of Associated Industries of Massachusetts.
“Employers support continued investment in the Port of Boston not only because the facility generates billions in economic impact but also because it provides efficient access to overseas markets and entry for product demanded by Massachusetts consumers,”
More than 1,600 companies across the Commonwealth and New England, including many AIM members, rely on the Port to connect to the global economy. Massachusetts companies export $27 billion worth of goods and services annually while imports total $35.5 billion.
As a result, activity across the Port of Boston’s maritime facilities is booming:
The Martin Associates study measured the local and regional economic impacts generated by 2018 maritime activity at Massport-owned facilities and private marine terminals and businesses within Boston Harbor. The 66,000 jobs include 9,000 direct positions, 5,400 of which are in the cargo area.
Among the AIM member companies that use the Port are Affordable Interior Systems, EMD Millipore, Gem Group, Horizon Beverage, Staples and United Liquors.
The largest portion of the infrastructure upgrade is a $350 million dredging project to allow larger cargo ships to navigate Boston Harbor. Massport officials tell The Boston Globe that the dredging project is 40 percent complete and that 4.6 million cubic yards have been removed from the harbor floor to deepen the main channel.
AIM has worked closely with Massport to promote international trade and investment.
The AIM International Business Council has engaged users and managers of the Port of Boston as speakers at the annual Internal Business Symposium. AIM has also written letters of support to the US Department of Transportation for the harbor dredging project, for new and enhanced truck routes for cargo in the Seaport area, and for investment to increase Conley Terminal’s container storage facilities.
“Assets like Massport do not happen by accident, they are a choice, an investment, they are well led and have a high customer focus and critical mission,” Regan said.