Posted on July 17, 2024
An upcoming addition to the Port of Baltimore will generate 8000 new jobs and add $1.5 billion to Maryland’s GDP, the groups behind the project said today.
Tradepoint Atlantic and Terminal Investment Limited released the results of an economic impact study showing that the Sparrows Point Container Terminal is projected to hit those economic benchmarks by 2035.
“Sparrows Point Container Terminal represents a once in a lifetime opportunity to bring positive, lasting change to the Baltimore region and the State of Maryland,” said Kerry Doyle, Managing Director of Tradepoint Atlantic. “This new container terminal will not only be an asset to the state but will secure the Port of Baltimore’s standing on the Eastern Seaboard for generations to come.”
In adding a new container terminal, intermodal yard, and support facilities, the Sparrows Point Container Terminal will expand operations at the Port of Baltimore by an estimated 70 percent. It will also make Baltimore the third largest port (in terms of capacity) on the East Coast, trailing only New York/New Jersey and Savannah, the groups said.
“Tradepoint Atlantic has rebuilt and transformed a former steel mill site into a significant economic generator for Maryland,” Governor Wes Moore said. “They are also a key partner in helping to grow business and create new good-paying, family-supporting jobs for the Port of Baltimore.”
Sparrows Point Container Terminal was announced in 2022 as a $1 billion joint venture between the aforementioned groups.
