Apr 1, 2011
Economic Impact Study highlights the $255 million annual contribution of the Port of St. John’s, Newfoundland and Labrador to Provincial GDP
(St. John’s, NL) – The St. John’s Port Authority (SJPA) has released the results of a new economic impact study, conducted by local research firm Goss Gilroy Incorporated, which has reaffirmed the position of the Port of St. John’s, Newfoundland and Labrador, as a vital transportation hub and major contributor to the economic well-being of the city, province, and region.The total impact of the Port of St. John’s on the provincial Gross Domestic Product (GDP) has climbed to nearly $255-million per annum. The study also highlighted the port’s role as a significant source of employment, with the generation of more than 3,000 jobs (direct and indirect) at the end of 2008; providing both livelihoods for highly skilled workers and an important tax base for all levels of government.“The Port of St. John’s is as crucial an economic engine today as it has been for centuries,” observes Sean Hanrahan, President & CEO of the SJPA. “The fact that its economic importance is growing, particularly over the past decade, reflects the evolution of our economy and the commitment of our industry partners – Oceanex, A. Harvey & Company, Newdock, and the Woodward Group, to name just a few – which continue to invest to meet emerging needs.”The port’s ongoing success is the result of sound strategic investment by stakeholders in advancing and diversifying its capacity to serve a broad spectrum of purposes. Indeed, the SJPA itself has invested more than $23-million over the past decade. The result is that the Port of St. John’s is one of the most accessible and flexible ports in the country. It is the province’s primary offshore energy supply and service centre; a significant fish-handling port; and the home of Newfoundland and Labrador’s most advanced container-handling terminal. It’s also an important base for military and coast guard vessels, as well as a welcoming destination for the international cruise ship industry.“Our goal is to continue working with industry partners to capitalize on the enviable location, infrastructure and highly skilled workforce that, together, are fueling steady growth,” said Steve Marshall, Chairperson of the SJPA. “This study provides a comprehensive understanding of the port’s tremendous significance to the economy; and this knowledge is essential for the strategic planning of all stakeholders.”And, indeed, this thriving economic engine shows no signs of slowing: despite tough economic times, activity continued to grow in terms of cargo handled and vessels arriving in 2009 as compared to previous years. Further, the economic impact study estimated that the overall impact of the Port of St. John’s on the provincial GDP will increase by approximately 11 per cent between 2008 and 2011 to an annual total of $283.1 million; while the number of jobs related to port activity will rise five per cent to 3,182. This bright future means that the Port of St. John’s will continue as a dynamic gateway serving a broad spectrum of activities. Partners in the port will continue to make strategic investments to ensure that it maintains its innovative edge. And that means that residents and businesses in this region can continue to trust that this vital transportation hub will keep meeting the needs of those who live, work and visit here.
- 30 -Media Contact:Sean HanrahanPresident & CEOSt. John’s Port AuthorityTel: (709) 738-4780The St. John’s Port Authority is a self-sufficient federal agency that derives all revenue from port Operations and reinvests all earnings into enhancing the port’s infrastructure and operations.