Port Houston Profits from Heightened Import Demands
As neighbors to Port Houston , we couldn’t help but notice an increase in retail imports paired with strong local economic growth. Growth seems to have been at the strongest since 2008. On top of that, the Port Houston area is seemingly experiencing the lowest unemployment rate in nearly two decades.
“Port Houston estimates that it handled a record 2.4 million standard containers – known as 20-foot equivalent units – in 2017, the first full year after completion of the canal’s $5.3 billion expansion. The total rose 14 percent from the prior year, driven largely by a stronger Texas economy and an increase in consumer goods imported from Asia,” shared the Houston Chronicle.
Economic Growth in the Greater Houston Area
According to Patrick Jankowski, Economist for the Greater Houston Partnership, “increase in imports would not have occurred if wasn’t for strong economic growth.”
This increase in retail imports mostly occurred to meet holiday demands, but the increase is keeping strong into the new year. Meeting these increased demands was especially possible after the Panama Canal expansion, which was completed in June of 2016.
“The canal has made a huge difference for us. We are continuing to build to keep up with demand,” said Ricky Kunz, the Port Houston Chief Commercial Officer.
You can read more here about increasing Port Houston demands:
