Port of Halifax operations provides almost $2 billion in economic output each year

Halifax, Nova Scotia – The Port of Halifax is a significant contributor to the economy of Halifax and Nova Scotia. The most recent economic impact report, produced by Chris Lowe Planning and Management Group, found the Port of Halifax’s economic output from operations in 2017/18 is $1.97 billion, up 15% from 2015/16 values.

Value of exports

Through the Port of Halifax in 2017, Nova Scotia container exporters contributed over $2.58 billion to the province’s gross output. Combined with port operations, the total impact of the Port of Halifax on Nova Scotia’s gross output is $4.56 billion with the direct portion being $2.5 billion.

Nova Scotia self-identified businesses in 2017 exported 107,664 TEU through the Port of Halifax, an increase of 40% from 2015. On average, each TEU exported is worth $24,000 to the Nova Scotia economy in terms of direct and spinoff (indirect and inducted) economic output. An export TEU of Nova Scotia seafood is worth an estimated $107,050 in direct and spinoff economic output.

“This reflects the incredible hard work and dedication of the many organizations that make up the Port of Halifax,” said Karen Oldfield, President and CEO, Halifax Port Authority. “Terminal operators, ocean carriers, CN Rail, the ILA workforce, marine pilots and tug operators are certainly important, but so are the tour operators, the vendors who sell at the Halifax Seaport Farmers’ Market, the trucking companies that handle cargo, the marine service companies keeping those vessels moving, and of course, the men and women working across Nova Scotia and Atlantic Canada involved in manufacturing, processing and logistics.”

Overall findings of the 2017/18 Port of Halifax Economic Impact Study:

• The Port of Halifax generates $1.97 billion in economic output (up 15%)
• The Port of Halifax enables Nova Scotia exporters to contribute $2.58 billion to provincial gross output (up 32%)
• Combined Port of Halifax operations output and exporter output is $4.56 billion in economic output to Nova scotia (up 25%)
• $997 million in Gross Domestic Product (GDP) (up 23%)
• Each Nova Scotia export TEU (twenty-foot equivalent unit) moving through the Port of Halifax is worth $24,000 in direct and spinoff (indirect and induced) economic output to the Nova Scotia economy (no significant change)
• An average export TEU of Nova Scotia seafood is worth $107,050 in direct and spinoff economic output to the economy of Nova Scotia (up 45%)
• 14,965 full-time equivalent (FTE) jobs from port operations (up 20%)
• 23,968 FTE jobs derived from Nova Scotia container exporters (no significant change)
• 38,932 total FTE jobs (up 5%)
• $715 million wages and salaries resulting from port activity (up 22%)

Halifax Seaport and Cruise:

• In 2018, the total economic output for Halifax Cruise was $171.8 million (up 40%)
• The Halifax Seaport attracts over 1.3 million visitors annually

_{Source: ajot.com}