Our nation’s seaports will certainly be taking a serious look at the economy, markets and regulatory environment that will affect business in 2012.
Keeping our waterways maintained and our facilities in good repair is only part of the story. Our ports must strategically plan for the better times that lie ahead once the current global economic crisis corrects itself. It’s been said numerous times that our seaports are the lifeblood of our nation’s economy. The fact is that 95 percent of all imports come to the U.S. by water.
Waterborne commerce statistics tell us that more than 2 billion tons of freight moved through our port system in 2010. Ports are vital to our financial security as well as our military security.
Therefore it will continue to be a challenge for our ports to find the revenue to keep waterfront facilities well maintained for the present, but more importantly prepared for the future. It’s no secret that tight budgets are the norm. All ports, large and small, will feel the pressure to find the resources to compete. The Panama Canal expansion isn’t the only game-changer on the horizon.
A surge in waterborne commerce has always been part of a global recession recovery, and this recovery will be no different. However, our waterfront facilities must be prepared to handle the demand. The current administration has called for a doubling of exports in five years. That’s a bold target, but to achieve it we must have facilities prepared for the challenge.
There is reason to be optimistic — the formation of a Ports Caucus in the U.S. House, for example. The caucus is a bipartisan group that will focus on promoting our nation’s seaports and keeping them secure. Identifying key pieces of legislation to help our ports will be a priority of the group. Stay tuned and prepare for success.