America’s Central Port announced today the completion and release of research data quantifying the economic impact of the Port on Madison County. The impact analysis was completed by RSN Economic Group, Inc.
According to Dennis Wilmsmeyer, the Port’s Executive Director, “growth of the Port District continues to be significant to Madison County with a $282 million annual economic impact and over 1450 jobs either directly or indirectly supported by the Port and its tenants. This represents an increase of 36% in the Port’s overall economic impact to the county since 2007. Additionally, over $70 million in labor income results from the Port’s tenants, residential facilities and construction. Wilmsmeyer said that the Port’s impact on state and local taxes are also significant, totaling nearly $10 million. The Port’s tenants provide over $2.2 million in property tax revenues for local schools and the communities of Granite City, Madison and Venice.
The Port’s activities include its operators loading or unloading 2,500 barges each year; rail and truck bulk transfers for agricultural products, steel, fertilizer, and asphalt; foreign trade zone operations; commercial warehousing; industrial property development; office space leasing; recreational facilities and residential apartments, among other activities. The 2.5 million tons of commodities that pass through the Port’s operators are valued at over $1.1 billion annually, contributing to the nation’s second busiest inland port with the Port of Metropolitan St. Louis.
In 2002, the Tri City Regional Port District began re-development of the former US Army Charles Melvin Price Support Center. Now known as America’s Central Port, the facility has over 70 tenants and operating companies directly employing over 750 people on its 1200 acre property in Southwestern Madison County. Major tenants include: Abengoa Bioenergy, Arizon Industries, Mattingly Lumber and the US Army Reserve.
“The $282 million overall economic impact of the America’s Central Port places it among the major engines of economic development in the County. Other major contributors are Southern Illinois University Edwardsville and St. Louis Regional Airport,” said Dr. John C. Navin from RSN Economic Group.
Wilmsmeyer said “that the future holds even more opportunities for the Port with the development of the new South Harbor. When completed, it will serve as the region’s newest global gateway for Illinois products and agriculture”.
The RSN Economic Group is led by Dr. John C. Navin, Timothy S. Sullivan and Warren Richards, faculty members in the Department of Economics and Finance at Southern Illinois University Edwardsville. RSN has done extensive research on measuring economic impacts on a variety of businesses in the region, including the Conoco Phillips Refinery.