Port of New Bedford generates $11.1 billion in economic value
New Bedford, Massachusetts– On Friday, March 29 at noon, the New Bedford Port Authority held a Legislative Luncheon, hosted by Mass Fabricating at Merrill’s on the Waterfront for elected officials representing New Bedford to discuss dredging and the North Terminal project.
The New Bedford Port Authority also announced the latest economic impact numbers as reported in the updated Martin Associates Economic Impact Study that was generously funded by the Commonwealth of Massachusetts Executive Office of Housing and Economic Development and supported by the New Bedford delegation.
According to the updated 2018 Economic Impact, completed by Martin Associates, the Port of New Bedford generates:
• $11.1 billion in economic value – an increase of $1.4 billion from 2015
• $3.8 billion in business revenue, an increase of $473.6 million
• 6,808 direct jobs, an increase of 583
• $362 million in direct wages, an increase of $42 million
The impact of Phase V dredging was also studied, and found that the project will generate:
• 879 new, permanent jobs
• $286 million in new business revenue
• $69.4 million in additional annual wages, respending, and local consumption
• $12.5 million in additional state and local taxes
“The Port of New Bedford remains the epicenter of marine industrial activity throughout the region and the largest seafood hub on the east coast,” said Mayor Jon Mitchell. “Driven by commercial fishing, and soon the offshore wind industry, the Port continues to grow and attract new business every day.”
“The Martin report illustrates New Bedford’s economic impact not only on the city, but its impact throughout eastern and central Massachusetts, from the Cape to Boston to Worcester, as seafood is landed, processed and then transported to Worcester and Boston for international distribution,” said Port Director Edward Anthes-Washburn.
With a $15.4 million BUILD grant that will be used to fund the expansion of North Terminal, and an anticipated additional $19 million from the state, secured by the New Bedford delegation to complete Phase V dredging, the Port of New Bedford will continue to support the growing commercial fishing industry, as well as the incoming offshore wind industry.
“We thank the state delegation for their continued support; the $1.6 million grant for Phase V design they helped us get last year strengthened our BUILD application which was awarded to the Port to expand North Terminal and complete Phase V dredging,” said Anthes-Washburn. “We look forward to the economic development opportunities that this project will open up for the nation’s most valuable commercial fishing port.”