Port Manatee driving regional economic growth

When economist Henry Fishkind last month informed the Bradenton Area Economic Development Corp. that the Manatee-Sarasota region is the only metropolitan area in Florida to have enjoyed faster job growth in 2016 than in 2015, it’s no wonder he cited Port Manatee as a competitive advantage to be looked to for sustaining this favorable trend.

Also last month, I had the pleasure of delivering a state of the port message to the Manatee Chamber of Commerce, pointing to the fact that Port Manatee supports more than 24,000 jobs and is responsible for generating more than $2.3 billion in annual economic impacts.

These aren’t just numbers for posting in a PowerPoint presentation. They represent tens of thousands of good-wage positions supporting local families – men, women and children – in a solid, secure quality of life.

The impacts of Port Manatee, while largely in Manatee and Sarasota counties, extend throughout the Tampa Bay region and down into Southwest Florida and beyond.

And, blessed with thousands of acres of developable land within and proximate to the port, Port Manatee is in excellent position to further its favorable impacts for decades to come.

Furthermore, in concert with Manatee County economic development officials, incentives may be offered to bring new business to the Florida International Gateway, specially zoned land adjacent to Port Manatee.

For example, an affiliate of Allied Universal Corp., a longtime importer of salt from Chile into Port Manatee, last month was offered inducements to bring a manufacturing facility to a tract just across U.S. 41 from the port – a facility boding to directly bring 53 full-time, high-paying jobs.

That property adjoins that of Air Products, the world’s leader in liquefied natural gas technology and equipment, which is manufacturing massive LNG heat exchangers that are exported across Port Manatee docks. The Air Products Port Manatee facility, dedicated in 2014, has brought 140 well-paying jobs.

New and expanding business drives even more growth for the port and regional economy.

For example, the expansion of Port Manatee fuel operations announced late last year by TransMontaigne will mean RaceTrac will be able to support even more stores in Southwest Florida with petroleum products moved through Port Manatee.

Activity of RaceTrac and other petroleum product firms is bringing as many as 3,000 tanker truck trips a month through the port (carrying a total of about 20 million gallons of fuel) even before the capacity increase and was largely responsible in fiscal 2016 for a year-over-year tripling of petroleum products volume through Port Manatee.

And again, all these numbers translate to more direct and indirect jobs and additional economic as well as environmental benefits. By sourcing fuel closer to consumers, not only are transportation costs reduced, but fewer air emissions are produced.

While Port Manatee is uniquely positioned for more future growth than the vast majority of ports, it bears mention that our port is by no means alone in its serving as a prime economic engine.

A December 2016 report from the Florida Seaport Transportation and Economic Development Council notes that ports in our state combined to contribute $117.6 billion in economic impacts, representing 13.3 percent of Florida’s gross domestic product, while supporting 899,914 jobs generating more than $40 billion in personal income.

Figures from the American Association of Port Authorities show that U.S. seaport cargo activity supports more than 23 million jobs while spawning nearly $4.6 trillion in total economic impacts nationwide.

As Port Manatee, along with its partners in economic development, attracts still more business, our region will continue to enjoy expanded socioeconomic benefits, bringing broadened smiles to the faces of you and your neighbors.

This story was originally published February 5, 2017 at 10:30 AM with the headline "Port Manatee driving regional economic growth."