Study: Ports of Indiana Has $8.2 Billion Annual Impact
A new study has shown that maritime and industrial operations at Indiana’s three ports contribute $8.2 billion per year, a 5 percent increase from the last report, support 51,000 jobs and generate more than $552 million in state and local tax dollars.
The economic impact study was announced June 24. It is completed every five years. The data gathered was based on 2019 data measuring jobs, income, business revenue and economic output. The study was conducted by Martin Associates.
“Maritime plays a large part in our state’s economy,” Ports of Indiana CEO Vanta E. Coda II said. “2021 looks to be another strong year, and we hope to see international shipments grow. Transportation is all about bigger, better, faster; that’s always our goal.”
In 2019, the Ports of Indiana harbors – Burns Harbor, Jeffersonville and Mount Vernon – handled nearly 16.4 million tons of waterborne cargo, including key commodities such as coal, iron ore, steel products, grain, soybean products, ethanol, dried distillers’ grains, fertilizer, dry bulks and minerals.
Looking ahead, Ports of Indiana will invest $50 million in infrastructure improvement projects by 2025, including $28 million at Burns Harbor and $22 million in Jeffersonville. In 2019, Mount Vernon completed a $2 million capital improvement project, including a new overhead gantry crane. The Ports of Indiana manages a total of 2,800 acres with more than 75 companies operating. Additionally, more than 900 acres of available land are ready to develop or lease.
The maritime industry, which includes both the Ohio River and Lake Michigan, contributes $27 billion in economic revenue and 157,000 jobs overall.
“Simply put, Ports of Indiana is a long-time supporter of Indiana and will continue to play a vital role in supporting our state’s economy, jobs, tax resources and their respective communities,” Coda said.