|
Port Boosts Delaware Economy With Dollars & Jobs
The Port of Wilmington Delaware injects more than $500 million into the local economy every year, and is responsible for almost 6,000 quality jobs, according to an economic impact study recently prepared by Martin Associates of Lancaster, PA.
The study reported, “The comparison between the 1995 impacts underscores the continued growth in key cargoes handled at the Port of Wilmington and the substantial growth in the economic contribution to the State of Delaware and the local economy.”
The results of the study showed that since 1995, the total number of jobs created or supported by the Port doubled from 2,903 to 5,816 of which 44% are New Castle county residents and 36% Wilmington’s residents. In addition, Port activities generated an increase in related jobs from 6,288 to 8,190. In conjunction with the increase in local employment, local personal income increased from $117 million to over $225 million, supporting local consumption, spending and overall economic growth. Total business revenue for companies providing services at the Port grew by nearly $100 million, from $112 million to $212 million, an 88% increase. Port of Wilmington activities in 2000 generated more than $22 million in state and local taxes, helping to boost the state economy. Imports of break-bulk fruit and produce and frozen meat generated the greatest number of direct jobs, followed by automobiles, containerized cargo and gypsum products.
The study concludes that for the Port of Wilmington to continue to grow in importance to the local and regional economy, the Port must continue to provide and develop state-of-the-art auto, break-bulk and container terminals and facilities to enhance its competitive position in the North Atlantic port range. An example of this is the Port’s $28 million investment in a new dedicated auto carrier berth in the Delaware River, designed to support and develop Wilmington’s import/export automobile trade.
Adam McBride, Diamond State Port Corporation Executive Director was pleased by the results of the study: “We are proud of the Port’s achievements and significant contribution to the State’s economic prosperity. Investment in Delaware’s port facilities has been well spent and resulted in thousands of new jobs in the local economy.” Founded
in 1923, the Port
of Wilmington is an important asset for the local and regional
economy, generating more than 5,800 jobs and contributing over $22
million in annual tax revenues to State and local government.
The Port is owned and operated by the Diamond State Port
Corporation, a corporation of the State of Delaware.
For further information, digital photos, free tours of the Port
and free speakers contact: |
