The Massachusetts Port Authority (Massport) unveiled a new report in June on the economic impact of the Port of Boston. The economic impact for 2018 was at $8.2 billion, up from $4.6 billion in 2012.
The study was conducted by Martin Associates, a leading economic and transportation consulting firm. The report was unveiled during a business breakfast event, co-sponsored by the Associated Industries of Massachusetts (AIM).
“A globally strong economy like the one we enjoy in Massachusetts demands a world-class port to facilitate international commerce. Employers support continued investment in the Port of Boston not only because the facility generates billions in economic impact but also because it provides efficient access to overseas markets and entry for product demanded by Massachusetts consumers,” said John R. Regan, president and chief executive officer of Associated Industries of Massachusetts.
Since 2012, there have been several major projects to improve or renovate various areas of the port, including maintenance dredging of the inner harbor, completed in December 2017. The deepening of the main ship channel will be completed by the end of 2021. The $350 million project is approximately 40 percent complete.
Massport is undergoing other infrastructure projects including the $75 million Thomas J. Butler Freight Corridor, a dedicated roadway for container trucks entering and leaving Conley Container Terminal. Massport and the Commonwealth are also spending $210 million to create a new 50-foot deep berth and procure three new ship-to-shore cranes.