New report shows Port Tampa Bay has $34.6B economic impact

A new economic impact report prepared by Martin and Associates shows that Port Tampa Bay, Florida’s largest and most cargo-diverse seaport, has a $34.6 billion dollar economic value on its region and supports more than 192,000 total jobs. In addition to being a top 10 U.S. cruise port, the port handles a wide array of bulk, break bulk, containers, and roll-on/roll-off cargoes, and is a major shipbuilding and repair center.

The report shows the port more than doubled the jobs supported by port activity and nearly doubled the total economic value supported by the port in the region.

The impact study was measured for calendar year 2023 and is estimated in terms of jobs, personal earnings, business revenue, and state and local taxes.

“Port Tampa Bay is proud of its role as West Central Florida’s largest economic driver,” said Port Tampa Bay president & CEO Paul Anderson. “Our port has continued to make strategic investments for our future, including deepening our shipping channels, improving resiliency throughout our port facilities, and growing and expanding our containerized cargo business. The jobs and money poured back into our regional economy is a direct result of our strategic growth,” explained Port Tampa Bay President & CEO Paul Anderson.

The port’s total economic value to Florida is $34.6 billion. This includes the $4.6 billion of direct business revenue, the re-spending and local consumption impact of $2.8 billion, and the related user output of $27.2 billion. This dollar value represents the sphere of influence of the marine terminals, shipyards, and non-maritime real estate holdings in 2023.

The study, which measured impacts through calendar year 2023, also found that Port Tampa Bay contributed $10.2 billion in personal income, with an average maritime-related salary of $74,350, which far exceeds the state’s average salary for all occupations of $55,980. As a result of re-spending this income, an additional $2.8 billion of income and consumption expenditures was created.

In 2023, the 35 million tons of cargo and more than 1.1 million cruise passengers, as well as shipyard building and repair and non-maritime real estate operations supported 192,201 direct, indirect, induced, and related jobs in Florida. Of those, 16,119 direct jobs were generated by Port Tampa Bay’s marine cargo, cruise, shipyard, real estate, and operations.

State and local taxes supported by all activity at Port Tampa Bay totaled $1.2 billion, which includes $497.5 million of direct, induced, and indirect state and local taxes, as well as nearly $727.4 million state and local taxes that were supported by the economic activity of related users (importers and exporters) of the cargo moving through the Port.

The port’s last economic impact study was conducted in 2015. Since that time, the port has seen a near doubling in several indicator areas.

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