Study finds Port of Cleveland producing $3.5 billion in annual economic value
The board of directors of the Cleveland-Cuyahoga County Port Authority received a report demonstrating significant growth of Cleveland Harbor’s economic impact in Northeast Ohio. The report, authored by international maritime and logistics consulting firm Martin Associates, found that maritime commerce in Cleveland produces over $3.5 billion of total economic value annually for Northeast Ohio.
The port’s maritime capacity also supports 20,000 jobs, including more than 4,000 direct jobs in the region, an increase of over 10 percent from the most recent economic impact study performed in 2011.
“The growth in economic impact from the Port of Cleveland is significant, especially given that it is located on the Great Lakes and not one of the traditional larger coastal ports,” said Dr. John Martin, Founder of Martin Associates. “It suggests that the innovative work being done by the Port of Cleveland, including its international container service and its key infrastructure investments, are indeed generating new jobs.”
“The new impact report makes it clear that the Port of Cleveland and maritime trade is truly an economic driver for Northeast Ohio,” said Will Friedman, port President and CEO. “It also shows that our recent strategic investments in our marine terminals and services are paying off, growing the total value of maritime activity by $1 billion, almost a 30 percent increase, to $3.5 billion since our last analysis.”
Friedman cited the creation of the Cleveland-Europe Express, the Great Lakes’ first regular international container shipping service in 50 years, as a key factor in the port’s recent growth.