Monday, October 24, 2011

Economic Study Of Great Lakes-St. Lawrence Seaway System

Oct 18:  October 18, the marine industry released the results of a year-long study of the economic impacts of the entire Great Lakes-St. Lawrence Seaway navigation system. According to a release, for the first time, the economic impacts have been measured for both the U.S. and Canada, at the same time, using the same methodology. The purpose of the report is to provide the navigation community, transportation planners, government policy makers and the general public with a realistic assessment of the contributions made by the Great Lakes-Seaway system to federal, state/provincial and local economies.

    The study found that maritime commerce supported 227,000 jobs; contributed $14.1 billion in annual personal income, $33.5 billion in business revenue, and $6.4 billion in local purchases; and added $4.6 billion to federal, state/provincial, and local tax revenues. North American farmers, steel producers, construction firms, food manufacturers, and power generators depend on the 164 million metric tons of essential raw materials and finished products that are moved annually on the system. Additionally, marine shipping saves companies approximately $3.6 billion per year in transportation costs compared to the next least-costly land-based alternative.

    The study was commissioned by members of the marine shipping industry, in partnership with U.S. and Canadian government agencies. Martin Associates of Lancaster, Pennsylvania, a global leader in transportation economic analysis and strategic planning, was retained to conduct the study. In order to ensure defensibility and accuracy, the study methodology and results of the analysis was peer reviewed by leading U.S. and Canadian economists in academia and the private sector.

The impacts of 2010 cargo movements were calculated at 32 U.S. and Canadian ports along the system. Chapter 1 lays out study methodology; Chapter 2 presents the system-wide impacts; Chapter 3 breaks down those economic impacts by vessel flag; Chapter 4 evaluates the data exclusively for commerce utilizing the St. Lawrence Seaway; Chapter 5 reveals the impact from the perspective of the New York ballast water regulations; and Chapter 6 presents information on related users along the system.

    Access a release on the study and link to an executive summary and the complete 98-page study (click here).