PortMiami’s economic impact jumped to $61.4 billion in 2023

by | May 30, 2024

PortMiami’s economic impact surged to $61.4 billion in 2023, supporting 340,078 jobs and accounted for nearly 4 percent of Florida’s GDP.

PortMiami’s economic impact reached $61.4 billion in 2023, according to a study published by Martin Associates this month.

The economic figure marks an increase from $41.4 billion in 2016. The port’s cruise and cargo activities now support 340,078 jobs, up from 334,500 jobs in 2016.

The study, which used the same methodology as in 2016, measured the port’s impact in terms of jobs, business revenue, consumer spending, and state and local taxes. PortMiami’s economic activity accounts for 3.9 percent of Florida’s $1.6 trillion GDP. The port also contributed $2.2 billion in state and local taxes, with $1.6 billion attributed to port users. Of the jobs supported by port activities, 29,423 are direct local jobs.

“PortMiami is not only one of Miami-Dade County’s most important economic engines, its economic impact is also felt regionally and globally,” said Miami-Dade County Mayor Daniella Levine Cava. “This report confirms the seaport’s vital role in supporting good-paying local jobs and contributing to the growth of our community, in addition to our commitment to resilience and reducing our carbon footprint with shore power and our net zero plan.”

The economic impact analysis was based on data collected through interviews and telephone surveys with the seaport’s tenants and firms providing cruise and cargo services. Surveys of cruise passengers and vessel crews were also conducted to develop spending profiles before and after cruises and during each port call at Miami.

“The seaport continues to play a critical role in the economic vitality of our region. We will continue to invest in our infrastructure to ensure that PortMiami remains a world class cruise and cargo port,” said Hydi Webb, Director and CEO, PortMiami. “I want to thank all the seaport’s partners for their unrelenting support. Our continued growth and success are a result of strong collaborations.”

The seaport operates as a landlord port, partnering with 23 cruise line companies, including Carnival Corporation, Royal Caribbean Group, MSC Cruises, Norwegian Cruise Line, and Virgin Voyages. It also collaborates with three cargo terminal operators: Port of Miami Terminal Operating Company, Seaboard Marine, and South Florida Container Terminal.


%d bloggers like this: