Release Date: Monday, April 26, 2004

TERRY COLLEGE OF BUSINESS STUDY FINDS GEORGIA SEAPORTS SAFE HARBOR FOR JOBS AND REVENUE DURING ROUGH ECONOMIC TIMES

ATHENS, Ga. — In fiscal year 2003, Georgia's deepwater ports directly and indirectly supported 275,968 jobs and were responsible for $35.4 billion in sales, $10.8 billion in income and $1.4 billion in state and local taxes, according to a new study released today by the Terry College of Business at the University of Georgia.

"Even in tough economic times, continued emphasis on the ports as a pillar of the state's economy translates into jobs, higher incomes, greater production of goods and services, and revenue collections for government," said one of the report's co-authors, Dr. Jeffrey M. Humphreys, director of the Terry College's Selig Center for Economic Growth.

Humphreys' co-author, Dr. Barbara D. Bart, is director of Savannah State University's Survey Research Center. "Deepwater ports are one of Georgia's strongest economic engines, fostering the development of virtually every industry," said Bart. "The ports are especially supportive of other forms of transportation, manufacturing, and wholesale/distribution centers."

The study, titled "The Economic Impact of Georgia's Deepwater Ports in Georgia's Economy in FY 2003," estimates the direct, indirect, induced, and total economic impacts of Georgia's ports. Port users were also surveyed to determine the degree to which they depend on Georgia's deepwater ports.

"The outstanding performance of Georgia's deepwater ports relative to other U.S. ports reflects the strong competitive advantages that allowed our ports to expand their share of activities even as the national economy declined, floundered, and anemically recovered," said Humphreys. "These advantages are largely the result of strategic investments in port facilities by the State of Georgia over many years."

Those investments include updating ports infrastructure and purchasing state-of-the-art cargo handling equipment. "As the state and national economies gain momentum, Georgia's deepwater ports will thrive, generating even more substantial economic impacts in future fiscal years," Humphreys said.

Humphreys and Bart presented their findings to the GPA Board of Directors at its monthly meeting today. Funding for the study came from a Georgia Ports Authority grant.

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