Halifax Port Authority releases Economic Impact Report findings
February 3, 2015, Halifax, Nova Scotia – The Port of Halifax is a regional economic engine, worth over $1.6 billion to the economy of Atlantic Canada in 2013, according to the most recent economic impact report. This is an increase of $82 million annually when compared to the previous economic impact report which looked at port-related output in 2007 before the recession took hold. “One of the most powerful features of the port is diversification,” said Karen Oldfield, President and CEO, Halifax Port Authority. “The fact that port users and stakeholders have been able to take the business and extend it into so many different aspects of the economy of Nova Scotia and Atlantic Canada means that the Port of Halifax is a huge engine for this part of the country.”
Containerized cargo performance through the Port of Halifax from 2008 to 2013 was solid, growing 14.2% as measured by twenty-foot equivalent units (TEUs). “Port partners and stakeholders are working aggressively to retain and grow cargo activity through the Port of Halifax,” says Oldfield. “The recent economic impact report for the Port of Halifax shows a strong recapture rate in containerized cargo and gross tonnage following the recession of 2008 and 2009. At the same time the Halifax Port Authority is developing the other core areas of business – real estate and cruise – for the benefit of all.”
The most recent economic impact report, produced by Chris Lowe Planning and Management Group, shows the importance of diversification in terms of overall business development. All key economic indicators are up since the last report was commissioned. For the past several years the Halifax Port Authority has been pursuing a strategy of diversification through development of all core business areas – cargo, cruise and real estate. As a result of this strategy there are now measurable overall increases to economic contributions associated with the Halifax Seaport and Halifax cruise activities.
- $1.661 billion in economic output
- $744 million in Gross Domestic Product (GDP)
- 11, 820 full-time equivalent (FTE) jobs
- $552.1 million wages and salaries resulting from port activity
- 18 shipping lines connecting the port to more than 150 countries
- The Halifax Seaport attracts between 1.2 and 1.3 million visitors annually
- In 2013 there were 1,285,401 visitors
- In 2013, the total economic output for Halifax Cruise was $104.3 million
- Cruise ship dockings have increased from 92 in 2007 to 134 dockings in 2013.
- In 2013 there were 252,121 cruise ship passengers
Halifax Seaport Farmers’ Market:
- An estimated 898,170 people attended the Halifax Seaport Farmers’ Market in 2013, spending on average approximately $25 per person at the Market and $20 at surrounding businesses.
- Seaport Market customers generated over $22 million in sales at the Seaport Market and $18 million in sales in surrounding businesses resulting in over $40 million in economic benefit.
“We’ve been building momentum year after year,” says Oldfield. “It’s interesting because we tend to talk about the same part of port-related activity whether it’s containers or cruise, but what this report shows is that the Port of Halifax is so much more than just one piece of business. As a collective group, we are a very large, diversified economic driver that supports a wide range of businesses across the entire economy of our province.”
The world’s largest shipping lines call on the Port of Halifax, connecting the port to more than 150 countries. The Halifax Seaport is a premier destination. Collaborating and working with strong partners and stakeholders, the Port community continues to deliver excellence.
To access the entire report as well as an infographic visual please visit http://portofhalifax.ca/about-us/economic-report/.