From the vantage point of the US Gulf, and especially from a Florida perspective, the outlook for the coming year continues to be positive. The Gulf states of Florida and Texas were recently ranked the top two in the nation for best business climate. Strong population growth continues to fuel consumer demand, resulting in new and expanding distribution centers for consumer goods — especially e-commerce — as well as the food and beverage sector, construction and building materials, and energy products.
With more than 20 million residents, Florida is now the third most populous state in the US, welcoming over 100 million tourist visitors per year. Its beating heart is the Tampa Bay/I-4 corridor, home to almost half the state’s population, and contributing to an enormous consumer market and, not surprisingly, Florida’s largest concentration of distribution centers.
Widely recognized as a global hub for the Western Hemisphere, Florida accounts for a quarter of total US trade with Latin America and the Caribbean. The Gulf region, and especially Florida, are also major players in the trans-Pacific trade with Asia. Ports have expanded their post-Panamax capacity, and are well positioned to accommodate upgraded services, with room for additional expansion.
New cold storage facilities have come online to accommodate the growing demand for refrigerated commodities and take advantage of the proximity to source markets in Central and South America.
The introduction of the new electronic logging device (ELD) mandate for truckers will create challenges for shippers and carriers as driver hours of service are strictly enforced. At the same time, the ELD mandate will favor ports that are more centrally located, and especially those that are closest to major population centers, allowing for multiple daily round trips serving DCs within their regional markets.