In a significant development for SeaPort Manatee, cargo volumes have surged to new heights, demonstrating the port’s growing importance in the regional economy.
Fiscal year 2024 marked a record-breaking period for SeaPort Manatee as it successfully managed to handle 11.8 million tons of cargo, marking an increase of 7.2% from the previous year. This record was part of the overall growth in total tonnage and containerized cargo units, reaching the highest levels in the port’s 54-year history.
The variety of goods flowing through the port includes vital commodities such as fresh produce, fruit juices, construction materials, and fuels. Containerized cargo alone saw 168,897 twenty-foot-equivalent units, reflecting a slight growth of 1% year-over-year.
This increase in cargo volume has translated into a substantial economic impact. According to a report by Martin Associates, the economic benefit from SeaPort Manatee reached $7.27 billion in FY 2024, showcasing a robust increase of over 40% compared to the previous fiscal year. The port also played a crucial role in job creation, with 42,094 jobs attributed to its operations, marking a rise of nearly 14% from 2023.
Despite the recent downturn caused by Hurricane Milton, which inflicted damage exceeding $200 million, the port is on the path to recovery. The hurricane caused significant disruption, affecting warehouses and other key port facilities, while also necessitating the temporary suspension of fuel distribution. Nevertheless, the port has resumed operations with support from state authorities, including a $9.5 million recovery fund provided by Governor Ron DeSantis.
SeaPort Manatee’s Executive Director, Carlos Buqueras, expressed optimism about the port’s resilience and emphasized the importance of restoring its infrastructure swiftly to maintain the flow of necessary goods. His statement highlighted the port’s strategic role in the region’s economic landscape, underlining the urgency to return to normal operations.
SeaPort Manatee’s ability to handle an unprecedented volume of cargo underscores its significance in the regional economy. Despite the challenges posed by Hurricane Milton, the port’s leadership and timely state intervention have set it on a promising trajectory for recovery and continued growth.
Source: BusinessObserverFL
