Economic Development
The American Association of Port Authorities (AAPA) conducted a Maritime Industry Economic Impact assessment in 2024 on U.S. Ports. The resulting report highlighted the powerhouse effect that maritime commerce has in leading the United States economy. Reflecting insights and analysis in collaboration with Congressional economists from EY, the AAPA findings show that the maritime industry, its consumer spending, suppliers, and port users support 21.8 million American jobs, meaning that the port and maritime industry supports more than one out of eight jobs in the total United States workforce and contributes nearly $2.59 trillion to the national GDP. This report not only highlights the tremendous growth in port operations over the past decades but also provides a detailed look at the vital role ports play in ensuring the stability and success of the U.S. economy. The Port of Albany, New York plays a critical role in contributing this economic impact to the regional and state economy as set forth in the Port’s mission.
“The Port of Albany is a critical economic driver in the City of Albany and the Capital Region. With a combined local and statewide employment impact of close to 6,000 people, the Port is a major employment center that is key for our community job seekers. The Port is also exciting because it is our local connection to the world and enables our regional businesses to have export opportunities throughout the globe.”
“It also underscores the importance of both the public and private sectors continuing to invest in port and intermodal infrastructure to support and foster good jobs, national security, international trade and the United States’ unparalleled standard of living.”
– Dr. John Martin, a leading provider of economic and strategic assessments of the world’s transportation systems
An economic impact study of the Port of Albany measured the Port’s overall economic impact on New York State at more than $813 million. The measure of the Port’s significance to the regional economy in terms of output was more than $428 million. Tenants of the Port paid over $80 million in wages and benefits for approximately 1,400 local jobs and 4,500 jobs throughout New York State.
The Port of Albany is committed to serving as an economic engine for the regional economy and for New York State. This commitment transcends through investment in maritime infrastructure, security and environmental safeguards and its role as a partner in the community.
"The importance of the oceans hasn’t diminished; if anything, it has grown. 90% of all global trade, 70% of global oil and gas supply, and 60% of global food supplies move by sea…”
— Bruce Jones, Senior Fellow, Brookings Institution
New York State Capital Region Economic Development Potential for Offshore Wind Infrastructure (2023) Developed by Karp Strategies (NYC) in partnership with the Center for Economic Growth, Advance Albany County Alliance, Port of Albany, and Carver Companies, which owns and operates the Port of Coeymans, the assessment captured the proposed offshore wind manufacturing facilities at the Capital Region’s major marine ports that would support up to 10,000 construction-related jobs, create more than 3,200 new jobs, and add $1 billion in wages over the course of construction and first year of operations. These figures include jobs and wages at the project sites, across the supply chain, and throughout the broader regional economy. Additionally, the projects would generate up to $4 billion in total industry spending stemming from initial investment and supply chain spending over the course of construction and first year of operations.
