Alabama Gov. Kay Ivey highlighted the nearly $100 billion impact the Port of Mobile has on the state’s economy in an event with the Alabama Port Authority on Thursday.
The announcement comes following the release of the Port Authority’s economic impact report. The report looked at the 2022 calendar year (the last year that full data was available) to determine the benefit the port has had for Alabama’s 67 counties. What the report found was that the port had a $98.3 billion economic impact, an increase of roughly $13 billion from 2021. Additionally, the Port and its related industries gave back $2.4 billion in taxes to the local, state and federal governments.
“While our Gulf Coast port might be called ‘The Port of Mobile,’ what the staggering economic impact number of $98 billion means is that it is really ‘The Port of Alabama,’” Ivey said. “Whether it’s our booming automotive industry, exports of natural resources such as coal and limestone and countless other Alabama-made and Alabama-sourced goods, the Port of Mobile touches every corner and every industry in our state. The future is bright for our port, and I look forward to seeing its growth continue to contribute and impact all of Alabama.”
Currently, the port has more than $1 billion in capital projects underway across the state and is expected to expand its capabilities to one million TEUs once the Phase IV expansion at the container terminal is completed. The Alabama Port Authority also plans to deepen and widen the harbor, develop logistics facilities in Mobile and open a new inland intermodal facility in Montgomery within the next two years.
“Alabama’s port has had tremendous growth – and we’re just getting started,” Alabama Port Authority Director and CEO John Driscoll said. “These impact numbers show both the benefit of Alabama’s port to our entire state, and the key role of state investments in helping achieve that growth. With more than $1 billion in capital projects underway, we expect this growth to continue, and more importantly, keep making Alabama businesses more competitive globally.”