Posted on July 19, 2016
The board of directors of the Cleveland-Cuyahoga County Port Authority (Port of Cleveland) received a report demonstrating significant growth of Cleveland Harbor’s economic impact in Northeast Ohio.
The report, authored by international maritime and logistics consulting firm, Martin Associates, found that maritime commerce in Cleveland produces over $3.5 billion of total economic value annually for Northeast Ohio.
The Port’s maritime capacity also supports 20,000 jobs, including more than 4,000 direct jobs in the region, an increase of over 10% from the most recent economic impact study performed in 2011.
“The growth in economic impact from the Port of Cleveland is significant, especially given that it is located on the Great Lakes and not one of the traditional larger coastal ports,” said John Martin, founder of Martin Associates.
“The new impact report makes it clear that the Port of Cleveland and maritime trade is truly an economic driver for Northeast Ohio,” said Will Friedman, Port president and CEO.
“It also shows that our recent strategic investments in our marine terminals and services are paying off, growing the total value of maritime activity by $1 billion, almost a 30% increase, to $3.5 billion since our last analysis.”
Friedman cited the creation of the Cleveland-Europe Express (CEE), the Great Lakes’ first regular international container shipping service in 50 years, as a key factor in the Port’s recent growth.
The board received and approved the 2015 audited financial statements, which received an unmodified opinion with no findings. The Board also approved a resolution regarding refinancing of bonds for previous improvements to the Cleveland Bulk Terminal.
Source: Post Online Media
