As Gov. Kay Ivey announced Thursday, the Port of Mobile generated nearly $100 billion in revenue for the state last year, an increase of $13 billion from the previous year.
“The Gulf Coast port may be called the 'Port of Mobile,' but its staggering $98 billion in economic impact makes it truly the 'Port of Alabama,'” Ivey said. he said. “Whether it involves a thriving auto industry, the export of natural resources like coal and limestone, or countless other made-in-Alabama and Alabama-made goods, the Port of Mobile serves every corner of the state. It impacts every industry. The future of our port is promising and I am eager to witness its continued growth and significant contributions to the entire state of Alabama.”
This economic impact report, commissioned by the Alabama Ports Authority, covers calendar year 2022, the most recent year for which complete data is available. This reveals that significant port growth has once again provided a major boost to all 67 counties in Alabama.
The report details that in addition to providing $98.3 billion in economic impact to the state, the ports support 351,359 jobs in Alabama, accounting for 1 in 7 jobs in the state. It is emphasized that it corresponds to
These positions generate $22.5 billion in income for Alabamians across 67 counties.
“Alabama's ports have experienced tremendous growth, but we're just getting started,” said John Driscoll, director and CEO of the Alabama Port Authority. “These impact numbers demonstrate both the benefits of Alabama's ports to the state of Alabama as a whole and the important role of the state's investment in driving this growth. Capital currently in excess of $1 billion With projects underway, we expect continued growth and, more importantly, increased global competitiveness for Alabama companies.”
Additionally, in 2022 alone, ports and related industries contributed $2.4 billion in tax dollars to state, local, and federal governments.
“The Port of Mobile is an economic powerhouse in Alabama, growing bigger and stronger every day,” said Sen. Greg Reed (R-Jasper), president pro tempore of the Alabama Senate. “The success of both Alabama's coal industry and the Port of Mobile are inextricably linked, as coal is one of the port's largest exports and my district is the state's largest coal producer.” We are proud of this port and its mission, and we are pleased, but not surprised, by the incredible economic impact it brings to our great state.”
The port is currently working on more than $1 billion in capital projects across the state. The Port Authority aims to expand its capacity to 1 million TEUs (20-foot equivalent unit cargo containers) with the completion of the Phase IV expansion of the container terminal. In addition to terminal expansion and port deepening and expansion projects, the Alabama Ports Authority plans to develop a logistics facility in Mobile and open a new inland intermodal facility serviced by CSX in Montgomery, Alabama. These projects are expected to be operational within the next two years. , offering shippers new benefits and opportunities.
Other strategic investments include constructing a viaduct for rail access above the dock at the container terminal, modernizing the general cargo pier, and developing an inland intermodal facility in northern Alabama. These efforts are primarily funded by federal appropriations and grants, and are spearheaded by former Sen. Richard Shelby. In addition to federal funding, the Alabama Legislature has allocated $20 million in 2023 to modernize the port's McDuffie coal terminal. Beyond these public funding sources, the port reinvests all revenue, excluding operating costs, into facility improvements and expansions.
“Geographically, my home district is not far from the Port of Mobile, but the port's influence on my district, and that of nearly every member of the Alabama House of Representatives, is very clear.” said House Speaker Nathaniel Ledbetter. “It is clear that our investments in the port are providing significant benefits to our state, and continuing to support this economic engine is critical to Alabama’s continued success.”
After passage of the Rebuilding Alabama Act, which provided funding for deep expansion of the Port of Mobile's shipping lanes, the economic impact of Alabama ports soared by more than $200 billion. In addition, the port's planned intermodal container transfer facility in Montgomery will increase his announcement of new projects in the region by $2.2 billion, a milestone ahead of project completion.
This economic study was conducted by Martin Associates, an internationally recognized economic and transportation consulting firm specializing in transportation and logistics industry analysis. The report aims to provide a rigorous and conservative analysis of both the Alabama Ports Authority's public facilities and the private operators that use the ports. In particular, Martin Associates has identified containerized cargo as the most important new business area driving the port's rapid growth.
Separate and independent from Forbes' recent analysis. In this analysis, the Port of Mobile ranks as her second fastest-growing port of entry into the United States, surpassing Chicago over the past decade.
