January 2018 — In December, PhilaPort was named by Forbes as one of the fastest-growing import ports by value. The port officially registered a $3.34 billion increase in imports in 2017; motor vehicle imports rose by 25.6 percent, oil by 212.3 percent, frozen beef by 4.6 percent, cocoa beans by 8.89 percent and non-alloy steel products by 98.1 percent.
Now, PhilaPort is poised for more growth in the new year. The nearly completed Delaware River Main Channel Deepening Project, which deepened the port’s main channel from 40 to 45 feet, will allow for more efficient transportation of cargo. This project has an estimated economic impact of $13 million for the U.S. economy.
In 2017, PhilaPort announced its investment in four new cranes. Two of them will arrive in March 2018, and the other two — post-Panamax gantry cranes — are expected by April 2019. The cranes come with a total price tag of $23.5 million and will be able to unload cargo from the largest container ships in the world.
Due to the port’s growth, recent congestion has occurred as it handles an increasing amount of imports. In response, PhilaPort’s current priority is expanding warehouse space.
Last June, PhilaPort spent $10 million on its purchase of the former Produce and Seafood Terminal from Philadelphia Industrial Development Corporation. This site will be used to increase container capacity and warehouse space.
At Packer Avenue Marine Terminal, the port is completing its strengthening of ship berths. In Port Richmond’s Tioga Marine Terminal, the port is developing a 100,000-square-foot warehouse and is also creating a $93 million vehicle-processing center for Hyundai and Kia imports at the Southport Terminal of the Navy Yard. All of the warehouse improvements and construction is expected to be completed before the end of 2018.
These recent projects will undoubtedly have a profound impact on the regional economy. In fact, these improvements are expected to create approximately 7,000 jobs for truckers, rail workers, suppliers and port-related businesses over the next decade. They are also expected to create 2,000 new jobs within the port itself.
Capital Analytics covered a similar topic extensively when working with PortMiami for Invest: Miami during its expansion process and is excited to begin working with the City of Philadelphia.
For more information on PhilaPort’s expansion, visit their website at: http://www.philaport.com