New port deals boost economy
With a record $213 million in current projects and newly signed cruise deals bringing the world’s largest ships to Canaveral beginning next year, the Port is generating much-needed jobs and boosting tax revenue for the area’s sagging economy, according to estimates from Braun & Tramell.
Current construction has created 1,894 construction-related jobs, generating $207 million for the regional economy. Among the projects is the $100 million-plus Seaport Canaveral tank farm, the largest single investment in Port history. Also in progress is the redevelopment of two marinas, a new restaurant, and a master stormwater system to preserve precious land on the Port’s south side. Future construction projects will generate nearly 1,000 construction-related jobs, adding $104 million to the regional economy. Projects include harbor deepening and widening, terminal and pier improvements, road re-alignment in the north cruise terminal area and widening of George King Boulevard on the south side of the Port. The new Joint Port Intelligence and Operations Center (JPOIC) is in its initial stages.
“We are fortunate that the planning efforts of our staff and the sound decision making of our Port Authority Board of Commissioners has resulted in this record boom of construction activity at Port Canaveral during a crucial time when our region and the nation overall is experiencing a slowdown,” says Stan Payne, Port Canaveral’s CEO.
Nearly 3,537 permanent jobs will be generated upon completion of the Port’s projects, contributing $260 million annually to the regional economy. These impacts include the contribution of four new cruise ships—two from Disney Cruise Line and one each from Carnival and Royal Caribbean cruise lines. In addition, the Las Vegas Casino Line—the Port’s third gaming vessel—is expected to begin sailing this year.
The construction-related projects and new cruise deals are additional economic contributions not included in the 34,000 jobs and $80 million generated regionally, according to Braun & Tramell.
“We are mindful of the Port’s role as an economic engine for Central Florida and that it becomes even more significant as our community faces the challenges in the space industry,” says Joe Matheny, Chairman of the Canaveral Port Authority Board of Commissioners. “Our goal is to generate even more job opportunities as we grow.”