Posted on December 9, 2024
Port of Houston plans to expand the port’s infrastructure with $1.7 billion in new projects over the next five years to prepare for the exponential population growth in the region.
The investment would represent a 35 percent increase in infrastructure spending for the port, according to Commission Chairman Ric Campo, as first reported by the Houston Business Journal. The push stems from Houston’s population boom, which has grown by 1.2 million people in the last decade and could grow another million into the 2030s.
“If we’re going to have another million people here, and we’re going to continue to increase our exports of energy products, … we need to have more infrastructure investment,” Campo said, according to HBJ.
According to a news release, the port saw 3.4 million 20-foot equivalent units this year through October. However, due to the upheaval of that month’s labor strike, loaded imports declined by 13 percent and loaded exports by 21 percent. Overall, the port has still seen a seven percent increase in shipments from last year, and it’s only expected to surge into the holiday season.
“Port Houston’s performance throughout this year reflects our team’s resilience and adaptability amid challenging industry conditions,” said Charlie Jenkins, CEO of Port Houston. “We remain committed to serving our customers and growing Houston’s presence as a global hub for commerce.”
Industry and shipping experts are already predicting a surge into the new year, ahead of the January port labor contract expiration. The Chinese New Year holiday early next year will cause work to stop in Asian factories, and the talk of tariffs by the incoming presidential administration are both adding to the surge.
