Our industry is set for change and opportunity on several fronts in 2015:
Emphasis on exports: Since the end of the Great Recession, exports have accounted for more than half of the economic growth in the U.S. and during the last two years have produced annual compound growth of more than 12 percent. Seventy percent of the world’s purchasing power resides outside the U.S., and during the next five years, 85 percent of global economic growth will occur outside of our borders.
Focus on distribution centers: Communities are awakening to the importance of the logistics industry to creating a vibrant economy. Research proves the distribution industry offers a range of wages with even the lowest-salary warehouse jobs often paying more than most service positions, with many employers offering benefits such as health insurance and training.
LNG as both fuel and commodity: With a 100-year supply of an energy source that is cost effective, as well as environmentally friendly, the national dialogue around natural gas, liquefied and compressed, will continue to accelerate in the new year. Maritime companies, facing increasing costs and striving to be good stewards of the environment, have quickly begun tapping this cleaner energy. Two JAXPORT partners will take delivery of the world’s first LNG-powered container ships soon, making Jacksonville the epicenter of this pioneering effort. The next step is LNG’s expanded use outside of the U.S.
The Asia-Pacific trade: By 2020, the annual value of goods exported to key Asia-Pacific markets will approach $10 trillion, equivalent to almost two-thirds of the entire U.S. economy. Asian nations will soon account for six of the 10 fastest-growing major economies in the world, and nearly all of them will be growing faster than the United States. This burgeoning market creates significant opportunities for exporters, distribution centers and the base of workers required to produce and transport products. We must continue to evolve our terminal assets and infrastructure to facilitate the efficient movement of large cargo volumes.
Brian W. Taylor, Chief Executive, Jaxport