Business View Magazine - May 2024

They are usually self-sustaining and often operate airports or shipping terminals and support a range of community and economic development goals. Local and state governments frequently establish port authorities to promote or support economic development (Bowen-Ellzey & Stewart, 2019). In addition, ports can have sizable landholdings under their jurisdiction. The most noticeable way these entities contribute to their region is by acting as “incubators” of economic development through the lease of property to companies that add value to cargoes that are moving through their respective ports either domestically or in the form of imports and exports. This variety of economic activity takes many forms and ranges from the simple stuffing and devanning of containers to the intricate assembly of high value equipment in Foreign Trade Zones. The common bond in these activities is the port itself and the key role it plays as a point of entry (or exit) for commodities that will then undergo further handling and/or enhancement. Ideally, a port will employ the “best and highest use” criteria in its choice of economic initiatives. Examples include the leasing of properties for shipbuilding activities, allowing the use of sites within a port for final assembly of imported vehicles, and providing warehouse space for the construction of prefabricated buildings with lumber and other building materials landed at a port via domestic barging. Depending on the size of the port, hundreds to thousands of long-term family wage jobs are created. Along with investment in the physical infrastructure of the U.S. maritime transportation system, MARAD is working to ensure growth of our U.S.-flag fleet of vessels that support economic and national security. Having a robust fleet of domestic and internationally- trading vessels ensures that our nation’s economy continues to thrive and that we are readyas a nation to respond in times of national need, like humanitarian and disaster relief or wartime operations. Programs like the Maritime Security Program, Tanker Security Program, and Cable Security Fleet Program aim to sustain a robust fleet crewed by U.S. mariners 167 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 05 MARAD