$8.4 Billion Committed to Great Lakes – St. Lawrence Seaway Shipping
Today, a binational coalition of Great Lakes and St. Lawrence maritime organizations released a new survey of infrastructure investments by both the public and private sector in the Great Lakes – St. Lawrence Seaway navigation system.
The report was sponsored by the American Great Lakes Ports Association, the Lake Carriers Association, the Shipping Federation of Canada, the Chamber of Marine Commerce, the St. Lawrence Seaway Management Corporation, and the Great Lakes St. Lawrence Seaway Development Corporation.
The survey is the result of an extensive outreach to more than 700 private companies and government agencies in the United States and Canada. Investments are measured in a five-year “look back” for 2018-2022, and a five year “look forward” for 2023-2027. Future investments were only included if funds were already set aside and committed to an infrastructure project. Within these two categories, investments are also broken into three sub-categories: 1) vessel investments; 2) port and terminal investments; and 3) waterway infrastructure investments – such as locks and breakwaters.
Key highlights of the survey include the following:
- $636 million was invested in vessel construction and enhancements over the last five years. Another $328 million will be invested by 2027.
- $2.1 billion was invested to enhance port and terminal infrastructure over the last five years. Another $1.1 billion will be invested by 2027.
- $3 billion was invested in navigation infrastructure such as locks, navigation channels and breakwaters. Another $1.2 billion will be invested by 2027.
The survey was conducted by Martin Associates of Lancaster, Pennsylvania, a national leader in marine industry economic analysis. The research is intended to provide transportation planners, policy makers, media and the general public with nuanced information about the benefits of Great Lakes Seaway shipping to the regional, national and local economies.
Earlier this year, the same binational coalition released a study entitled “Economic Impacts of Maritime Shipping in the Great Lakes St. Lawrence Region,” which documents jobs and economic activity generated by maritime commerce during 2022.
To view a copy of the new infrastructure investment survey, click here.