With an increased focus on the port, trade & logistics industries could lead to an additional 143,000 jobs, $21.5 billion in business sales, $7.9 billion in personal income, and $723 million in tax revenues in the state of Florida.
In 2009, the trade, logistics and distribution industries employed 531,000 Floridians earning an average wage nearly 30% higher than the average of all other industries.
A study done by the HAAS Center at the University of West Florida outlined the forecast of economic impacts associated with the Port of Pensacola tenants. The vessels dock in port, take on fuel and the crew is housed overnight in local hotels spending money in local businesses while the vessel is serviced. These activities impact the economy indirectly and induce sales with the overall economy.
Total employment, with an estimated 25-man crew on each vessel four times per year, projects a rise from 100 in 2012 to 175 in 2015.
For example, metal fabrication could require the services of local machine shops, the crew spending money in local bars, restaurants and hotels, as well as flying or driving home for a few days while the vessel is being serviced.
This employment data reflects personnel associated with the port. Most vessels that dock will have their own contracted crew on-board that accounts for the indirect economic impact.
Large ocean-going vessels consume large amounts of fuel much of which can be purchased in the Pensacola market. According to the HAAS Center study, initial estimates indicated that a vessel would, on average, consume roughly $600,000 in fuel per year.
Vessels are assumed to spend about half of their total time in port and consume approximately $25,000 in electricity per month. So, at four vessels per year, the revenue in electricity alone is $480,000.
With average growth from 2012 to 2015, the Port of Pensacola could raise employment figures from to 175 in 2015, electricity costs would go from $480,000 to $840,000, crew spending would rise from $1.17 million to $2.04 million, and fuel costs would increase from $2.40 million to $4.20 million.