Pennsylvania Gov. Tom Wolf announced Friday that the state would invest an additional $246 million into the Port of Philadelphia for continued modernization efforts.
The funding builds upon the $300 million Capital Investment Program at the port that Wolf announced in 2016.
“The port is an economic driver, not only in Philadelphia but across the commonwealth,” said Gov. Wolf. “The port supports jobs, encourages trade, and builds connections that help businesses and communities across Pennsylvania thrive. This new $246 million investment will help the port build on its success over the past few years and will help Pennsylvania build on our commonwealth’s economic success and job growth, too.”
Wolf’s 2016 Port Development Plan was designed to redevelop underused areas of the Port of Philadelphia by making critical investments in infrastructure, warehousing, and equipment. The investments included the purchase and implementation of three new super post-Panamax cranes at the Packer Avenue Marine terminal, two state-of-the-art warehouses, and the development of a new port terminal, the Southport Auto Terminal. Since investing in the improvement plan, the port has seen a nearly 60 percent container growth.
“Governor Wolf’s leadership and vision breathed new life into the Port of Philadelphia,” said Executive Director and CEO of PhilaPort Jeff Theobald. “He has given us the tools to take our meaningful place as the gateway of choice for global cargoes.”
Officials said the port is one of the fastest-growing in the country and serves as a connection between the United States and the rest of the world while providing the region with thousands of jobs.