Seaports are key economic drivers for the country, and new investment in infrastructure is needed to keep these market access links in our transportation network functioning. Investments in transportation provide a great return: Every dollar invested raises the gross domestic product by $1.70. Alternatively, congestion costs Americans $124 billion in direct and indirect losses and is expected to rise to $186 billion by 2030.
Overall spending on public infrastructure dropped 10.5 percent between 2003 and 2012, which puts the US behind other major countries such as China, India, Canada, and Mexico. Public and private sectors are coming together worldwide to deliver high-quality transportation solutions through partnership financing in timely, cost-efficient ways that benefit all parties. That is happening more frequently outside of the US. Ports are in a unique space to optimize public private partnerships because of their role in leasing land for private sector market access and relationships with private sector entities.
In the past few years, we’ve gone from a port that was well known as the auto import gateway for the Pacific Northwest and Midwest, to the highest volume auto gateway for exports on the US West Coast. That growth has been accomplished through work with our private terminal partners to secure funding to expand and upgrade facilities. As incomes continue to rise in Asia, global implications are that we’ll see the overseas demand for US-made autos increase, and I expect that trend to continue.
Local government and ports can’t shoulder all the investment costs alone to stay competitive. Federal support for investment in roads, bridges, and upgrades for seaport terminals will not only spur job growth, but better position the US to be competitive on the global stage. Transportation has been an important source of middle wage job growth and a historic advantage connecting people with business and business with markets. We need to keep it that way — 94 percent of the world’s consumers live outside of the US.