Georgia Ports Authority Reports Job Growth and Economic Impact

News Summary

The Georgia Ports Authority has reported a significant increase in jobs and economic output, with over 650,000 positions supported by the state’s ports. This growth is attributed to efficient operations and strong infrastructure, contributing billions to the state’s GDP. The report highlights the diversity of trade activities at ports like Savannah and Brunswick, which play a crucial role in the local economy and state revenue generation.

Savannah, Georgia – The Georgia Ports Authority announced significant growth in employment and economic output for the state, with 650,965 full- and part-time jobs supported by Georgia’s ports as of the fiscal year 2024. This figure marks an increase of 41,770 jobs, translating to a 7% growth compared to the previous fiscal year, affirming the crucial role these ports play in Georgia’s economy.

The ports now account for 12% of total state employment. Governor Brian Kemp noted that Georgia has maintained its status as the No. 1 state for business for more than a decade, a title boosted by the reliability of state infrastructure, particularly the ports of Savannah and Brunswick, which are vital economic engines fostering job growth.

The economic impact of Georgia’s deepwater ports is substantial. In fiscal year 2024, total sales facilitated by these ports reached $174 billion, a 2% increase from the prior year. The ports have significantly contributed to the state’s Gross Domestic Product (GDP) with a contribution of $77 billion, marking a notable 7% rise. Additionally, the ports generated $43 billion in personal income, reflecting a 7.5% increase from fiscal year 2023.

Key Trade Activities and Outputs

In terms of trade, the ports facilitated the highest volume exports in forest products, food, and automotive cargo. Conversely, the leading imports included machinery, retail goods, and furniture, indicating a diverse flow of goods that benefit various sectors.

The trade activities conducted through Georgia’s ports have resulted in significant tax revenues for the state and local governments. Annually, the ports generate approximately $10 billion in federal taxes, $3 billion in state taxes, and $3 billion in local taxes.

Operational Highlights of Georgia’s Ports

The Port of Savannah operates with efficiency, handling 35 weekly vessel services and managing between 14,000 to 16,000 truck moves per day, alongside the deployment of 42 double-stack trains each week. Meanwhile, the Port of Brunswick achieved a remarkable status in 2024 as the nation’s busiest gateway for autos and heavy equipment, moving a record 901,000 Roll-on/Roll-off cargo units.

Insights from Economic Experts

Jeff Humphreys, director of the Selig Center for Economic Growth, highlighted that the Georgia ports stimulate development across multiple industries, including transportation, logistics, manufacturing, agriculture, forestry, and mining. This diversification underscores the ports’ role in supporting the state’s economic ecosystem.

The leadership at the Georgia Ports Authority reflected on the collaborative efforts of state authorities and the logistics community that have propelled job growth in the region. Additionally, it was noted that terminal improvements at the ports are self-financed, ensuring they do not rely on taxpayer funds, which speaks to the sustainability of Georgia’s economic growth.

Background on the Georgia Ports Authority

The study titled “The Economic Impact of Georgia’s Deepwater Ports on Georgia’s Economy in FY 2024” is part of an ongoing series of assessments conducted by the Selig Center for Economic Growth. These studies aim to provide a comprehensive analysis of the financial and employment impacts of the state’s ports, illustrating their significance in the broader economic landscape of Georgia.

As Georgia continues to enhance its port capabilities and infrastructure, the prospects for job growth and economic vitality remain strong, contributing positively to the livelihood of residents across the state.

Deeper Dive: News & Info About This Topic

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