Posted on April 1, 2019
NEW BEDFORD — The Port of New Bedford is a heavy-hitter when it comes to financial impact for the State of Massachusetts.
A recent economic impact study by Martin Associates revealed that the Port of New Bedford generated $11.1 billion in economic value in 2018, up $1.4 billion from the last study for 2015.
For comparison, Logan International Airport boasted $16.3 billion in economic impact in 2017, according to the most recent Statewide Airport Economic Impact Study.
Since the last study, the Port of New Bedford added over $473 million in business revenue, over 500 jobs, and $42 million in direct wages. The Port did a total of $3.8 billion in business revenue in 2018, resulting in $362 million in direct wages for 6,808 direct jobs.
“The Port of New Bedford remains the epicenter of marine industrial activity throughout the region and the largest seafood hub on the east coast,” said Mayor Jon Mitchell. “Driven by commercial fishing, and soon the offshore wind industry, the Port continues to grow and attract new business every day.”
The study also noted that thanks to $19 million in state funding, the completion of the Phase V dredging of the harbor will add 879 new permanent jobs, $286 million in new business revenue, over $69 million in additional annual wages, respending, and local consumption, and $12.5 million in additional state and local taxes.
“The Martin report illustrates New Bedford’s economic impact not only on the city, but its impact throughout eastern and central Massachusetts, from the Cape to Boston to Worcester, as seafood is landed, processed and then transported to Worcester and Boston for international distribution,” said Port Director Edward Anthes-Washburn.
The North Terminal is due to undergo expansion soon, as well, as the Port has received a $15.4 million BUILD grant.
Source: wbsm.com
