ASCE REPORT SAYS CUTBACKS POSE THREAT TO U.S. PORTS
BY STAS MARGARONIS
Cutbacks in federal spending pose a threat to U.S. waterborne transportation, according to a new report by the American Society of Civil Engineers (ASCE).
The report says the expansion of the Panama Canal in 2015 offers new opportunities for East Coast, Gulf and inland waterway ports that could be lost by federal cutbacks.
The report will be released on Thursday, September 13th at 10.00 am
A news release says: “With the expansion of the Panama Canal by 2015, these facilities require rapid modernization. Recognizing this, the American Society of Civil Engineers (ASCE) will unveil a new economic study on THURSDAY, SEPTEMBER 13th at 10 AM. The study measures the impacts on jobs, GDP and other economic indicators if the nation fails to meet the investment needs of our ports infrastructure on our national economy. The nation’s ports facilitate international trade, a significant driver of growth in the U.S. economy. Exports alone supported approximately 9.7 million jobs in 2011 with every billion dollars of exports supporting 5,080 domestic jobs. The expansion of the Panama Canal will transform the trade sector by opening the route to larger ships that require wider and deeper harbors at port facilities. Ports throughout the world are focused on ensuring they remain competitive by preparing their facilities to accommodate these larger vessels. The U.S. must make the same type of infrastructure improvements or we will fall behind. The fourth report in ASCE’s Failure to Act series quantifies the macro costs to the economy of unmet investment needs in America’s waterborne and airport infrastructure – including job losses, impacts onGDP,U.S.exports, household budgets and personal incomes. It also projects the level of investment needed by 2020 to circumvent these consequences.”
For more information contact Debra Colbert, Vice-President, Waterways Council Inc : email@example.com