Economic Impacts: Halifax
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Halifax Port: $1.7 Billion Port Impact, Containerized Seafood Exports a Major Economic Driver for Nova Scotia
A newly released analysis concludes that Port of Halifax container operations, particularly seafood exports, are a major economic force in the province of Nova Scotia.
Containerized exports alone contributed more than C$1.9 billion to the province’s gross output. Combined with port operations, the total impact of the Port of Halifax on Nova Scotia’s gross output is C$3.631 billion, with the direct portion being C$1.962 billion.
The port’s containerized cargo facilities and marine services enabled Nova Scotia businesses in 2015 to export 76,993 standard shipping containers to international markets. On average, each standard container exported through the Port of Halifax is worth C$25,000 to the Nova Scotia economy in terms of direct and spinoff economic benefits. However, an export container filled with Nova Scotia seafood is worth an estimated C$73,650 – three times that of a standard container – in direct and spin-off economic benefits to the economy of the province.
"The most remarkable statistic to come out of this economic impact report is the value of a seafood container," said Karen Oldfield, President and CEO, Halifax Port Authority. "With exports taken as a whole, it is crystal clear how Nova Scotia exports are fundamental to the well-being of our province."
Overall findings of the 2015-2016 Port of Halifax Economic Impact Study:
• The Port of Halifax generates C$1.706 billion in economic output (up 5.9 percent)
• The Port of Halifax enables Nova Scotia exporters to contribute C$1.9 billion to provincial gross output (new finding)
• Combined Port of Halifax operations output and exporter output is C$3.631 billion in economic benefit to Nova scotia (new finding)
• C$809 million in Gross Domestic Product (GDP) (up 8.8 percent)
• 12,446 full-time equivalent (FTE) jobs resulting from port operations (up 5.3 percent)
• 24,571 FTE jobs derived from Nova Scotia container exporters (new finding)
• 37,017 total FTE jobs (new finding)
• C$584 million wages and salaries resulting from port activity (up 5.8 percent)
For the complete report, visit http://portofhalifax.ca/about-us/economic-report/.
A newly released analysis concludes that Port of Halifax container operations, particularly seafood exports, are a major economic force in the province of Nova Scotia.
Containerized exports alone contributed more than C$1.9 billion to the province’s gross output. Combined with port operations, the total impact of the Port of Halifax on Nova Scotia’s gross output is C$3.631 billion, with the direct portion being C$1.962 billion.
The port’s containerized cargo facilities and marine services enabled Nova Scotia businesses in 2015 to export 76,993 standard shipping containers to international markets. On average, each standard container exported through the Port of Halifax is worth C$25,000 to the Nova Scotia economy in terms of direct and spinoff economic benefits. However, an export container filled with Nova Scotia seafood is worth an estimated C$73,650 – three times that of a standard container – in direct and spin-off economic benefits to the economy of the province.
"The most remarkable statistic to come out of this economic impact report is the value of a seafood container," said Karen Oldfield, President and CEO, Halifax Port Authority. "With exports taken as a whole, it is crystal clear how Nova Scotia exports are fundamental to the well-being of our province."
Overall findings of the 2015-2016 Port of Halifax Economic Impact Study:
• The Port of Halifax generates C$1.706 billion in economic output (up 5.9 percent)
• The Port of Halifax enables Nova Scotia exporters to contribute C$1.9 billion to provincial gross output (new finding)
• Combined Port of Halifax operations output and exporter output is C$3.631 billion in economic benefit to Nova scotia (new finding)
• C$809 million in Gross Domestic Product (GDP) (up 8.8 percent)
• 12,446 full-time equivalent (FTE) jobs resulting from port operations (up 5.3 percent)
• 24,571 FTE jobs derived from Nova Scotia container exporters (new finding)
• 37,017 total FTE jobs (new finding)
• C$584 million wages and salaries resulting from port activity (up 5.8 percent)
For the complete report, visit http://portofhalifax.ca/about-us/economic-report/.
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