Charleston Harbor Deepening Project Receives More Funding for FY19
The Charleston Harbor Deepening Project received $14.4 million from the U.S. Army Corps of Engineers Fiscal Year 19 Work Plan. The funds will continue work to deepen the harbor to 52 feet.
Construction to deepen the Charleston Harbor Entrance Channel began in February, when the Corps awarded the first two dredging contracts, totaling approximately $300 million.
“By 2021, the port will achieve 52 feet of depth making it the deepest harbor on the East Coast, an advantage that will add significant capability in the Southeast, the fastest growing region in the country,” said Jim Newsome, SCPA president and CEO. “This depth advantage is vitally important for significant long-term volume growth and the deployment of large container ships. We are very grateful for the dedication and hard work by many to keep this project moving forward at record speed.”
The Corps Work Plan funding brings the total federal funding to $108 million. The state of South Carolina has set aside a total of $350 million toward the project, including a $50 million loan earlier this year. In October, the Corps completed an updated Benefit Cost Ratio (BCR) of 3.1, which meets requirements for inclusion in the President’s Budget. The project was designated a “new construction start” in the Corps FY 2017 Work Plan, and was authorized by Congress in December 2016.