U.S. ports generate $2.9 trillion in economic impact

The American Association of Port Authorities (AAPA) has released its 2024 Port and Maritime Industry Economic Contribution Report, emphasizing the important role that U.S. ports play in the national economy. The study highlights that the maritime sector supports nearly $2.9 trillion in GDP and 21.8 million U.S. jobs, solidifying ports as important pillars of the economy.

“With one in every eight U.S. jobs and a GDP of nearly $2.9 trillion, we can’t imagine a world without U.S. ports,” said Cary S. Davis, AAPA president and CEO. Davis) said. “Despite significant challenges such as the pandemic, macroeconomic shifts and protectionist trends, the port industry remains critical to U.S. supply chains and economic growth. Policymakers must continue to invest in our ports to ensure long-term prosperity.”

Key findings of the report

1. 21.8 million jobs are supported by the maritime industry, including consumer spending, suppliers and port users, equivalent to one in every eight jobs in the U.S. workforce.

2. In 90% of U.S. metropolitan areas, employment related to port and maritime activities exceeds the labor force population.

3. The average annual salary of port-related workers is nearly US$100,000, 20% higher than the national average.

4. Ports contribute $2.9 trillion to U.S. GDP.

5. Maritime sector-related wages and benefits total $2.8 trillion

6. More than 40% of U.S. cargo (valued at more than $2.1 trillion) moves through U.S. ports.

The report, prepared in partnership with Ernst & Young’s congressional economists using the IMPLAN economic model, provides a more detailed view of the industry by including other sectors such as cruise ships and liquid bulk cargo. This broader range shows an increase in direct jobs related to port operations compared to previous reports.

The strategic value of ports in the U.S. economy

The report highlights how U.S. ports continue to maintain momentum despite disruptions such as global supply chain challenges and geopolitical pressures. Davis said investing in the port system will yield “exponential dividends” and help the U.S. economy emerge stronger in the face of future challenges.

With ports handling more than 40% of the country’s cargo and providing millions of jobs, the maritime sector remains indispensable to the economic stability of the country and region. As policymakers consider future infrastructure investments, AAPA’s report is a timely reminder of the importance of ports to keeping the U.S. economy strong.