BROWNSVILLE, Texas--(BUSINESS WIRE)--Maritime activity at the Port of Brownsville added $3 billion to the state economy in 2015 according to a new economic impact study commissioned by the port.
The study also reveals port activity is responsible for $2.2 billion in total personal income and local consumption, and $164.4 million in federal, state and local taxes. Additionally, the port is responsible for the creation of 44,036 total jobs statewide.
“The regional impact on jobs has grown dramatically,” said John Wood, chairman of the Brownsville Navigation District. “The reason can be attributed to the increase in tonnage handled at the port and the value per ton.”
Volume and value of cargo is also a contributing factor in Foreign Trade Zone No. 62’s recent ranking as second in the nation for the value of exports. According to the U.S. Foreign-Trade Zones (FTZ) Board’s annual report to Congress released earlier this month, the value of cargo at FTZ No. 62 was $3.2 billion.
The Port of Brownsville is grantee of the FTZ.
The study, “The Economic Impacts of the Port of Brownsville, 2015,” by Martin Associates, measured four types of impacts: jobs, employee earnings, business revenue, and state and local taxes.
For a complete copy of the report, visit www.portofbrownsville.com.