US Seaports Generate Staggering $2.9 Trillion for the Economy
By Natasha Villa, External Affairs Manager
The American Association of Port Authorities (AAPA) released its 2024 Port and Maritime Industry Economic Contribution Report, underscoring the vital role that U.S. ports play in driving economic growth and supporting millions of American jobs. The report provides a comprehensive analysis of the industry's impact on the U.S. economy, with contributions totaling nearly $2.9 trillion to Gross Domestic Product (GDP) and supporting one out of every eight jobs in the country.
Key Highlights from the 2024 Report:
Port and Maritime Industry Employment: The maritime industry, along with its suppliers, port users, and associated consumer spending, supports 21.8 million jobs. This accounts for more than one out of eight jobs nationwide. Standing on its own, the size of the maritime industry workforce surpasses the workforce size of 90% of U.S. metropolitan areas.
High Wages for Port Employees: The average wage for a port and maritime worker is close to $100,000—a figure 20% higher than the average U.S. worker’s salary, highlighting the importance of this sector for providing high quality jobs.
Massive Economic Impact: Ports contribute almost $2.9 trillion to U.S. GDP. The total wages and benefits from port-related activities amount to $2.8 trillion.
Ports as Gateways for U.S. Goods: Over $2.1 trillion worth of goods, accounting for more than 40% of the total value of U.S. goods, pass through U.S. ports, underscoring the role of maritime trade in sustaining the national economy.
These findings highlight the critical need for continued investment in the nation’s port infrastructure. In the face of challenges ranging from pandemics to shifting geopolitical landscapes, ports remain resilient and integral to the U.S. supply chain. Federal, state, and local policymakers are urged to support this essential sector through strategic investments that promise long-term returns for the economy.
AAPA’s report comes at a crucial time when discussions on trade, supply chain security, and job creation are taking center stage. In debates about whether or not to invest in new infrastructure or whether to impose strict and expensive regulations on Ports and marine terminal operations, it is imperative that legislators and regulators consider the severe negative economic consequences of failing to support the maritime industry and its positive economic impacts. U.S. ports are more than just gateways for goods—they are engines of economic growth and critical pillars for millions of American workers. This Report is yet another reminder of the indispensable role ports play in ensuring the nation’s economic prosperity, especially during times of uncertainty. As we look to the future, strategic investments in this sector will yield exponential dividends, not only in terms of job creation but also in maintaining the U.S.’s competitive edge on the global stage.
The report was developed by the AAPA in partnership with economists from Ernst & Young, utilized the IMPLAN model, a respected tool for economic impact analysis. The 2024 report offers a more comprehensive understanding of the port industry by incorporating additional cargo types and business segments such as cruise lines and liquid bulk shipping, which were not as fully represented in prior studies. As a result, the number of direct jobs tied to the port industry has grown, painting a clearer picture of its full economic reach.
For a deeper dive into the numbers and a detailed analysis, you can access the full report on the AAPA website here.