Many have heard the news that Broward County’s Port Everglades finally received a signed Chief of Engineers Report from the U.S. Army Corps of Engineers that clears the way for the Port to begin the next phase of deepening and widening its channels, and allows the project to be included in federal legislation expected in 2016 that will authorize similar water and navigation-related projects.
Post-Panamax cargo ships in Florida
The project is designed to enable safe passage of deep draft Post-Panamax cargo ships, which are too large to fit through today’s Panama Canal and is anticipated to create an estimated 4,700 total construction jobs and nearly 1,500 permanent direct jobs locally from the additional cargo capacity.
Bigger ships, more jobs.
I have seen the positive benefits of dredging on our local economy first hand when I was Mayor of Dania Beach in 2012. At that time we had voted to invest nearly $1,000,000 to fund our share of the overall cost to dredge the Dania Cutoff Canal which cost a total of $6.3 million. The project was completed in March and since that time the economic output of the boatyards and marinas along the DCC has blossomed. The Dania Cutoff Canal is the location of at least five mega yacht repair businesses and two marine shipping companies that have been identified as benefiting from the deepening project.
These companies are Derecktor Shipyard, G&G Shipping, which is a business subsidiary of SEACOR Holdings, & Powell Brothers/Playboy Marine. Since completion of the dredging in 2013, we have seen major capital expenditures and a significant increase in job creation. Derecktor Shipyard has purchased two of the largest travel lifts in the country and hired many new employees.
Injecting millions into the local economy.
Dania Cut Super Yacht expanded their operations to include the old Broward Shipyard Docks and have undertaken a large facility upgrade and expanded their company. At the time Dania Cut had 10 employees in addition to 150-200 contractors in the yard daily. With this expansion, they increased their workforce nearly 40% and nearly doubled the amount of daily contractors to over 300 daily. Additionally they added slips to accommodate 300 foot boats. A typical 300’ yacht has upwards of 30 full time crew, all spending on the local economy. Plans call for 10-12 total slips so expect 150-300, well paid, crew hitting the local businesses and providing direct and indirect positive impacts to our local economy which does not include the money spent by the boat itself. All in all it will inject millions into the local economy.
Walter Duke is the president of Walter Duke + Partners, a commercial real estate valuation firm based on Fort Lauderdale, Florida and a current City Commissioner in Dania Beach, Florida.