Over the past year, having endured the experience of Hurricane Ike, emerging from that experience having to restore operations and recover from the storm during a time that our nation’s economic system had suffered a serious meltdown perhaps allows me a unique perspective on where we all find ourselves today.
Recovering from a direct hit by a major hurricane is not fun, but you get to the point that you must focus on what lies ahead, rather than what you see in the rearview mirror.
In the upcoming year, port authorities will continue to face their recent challenges, such as funding for infrastructure or funding for dredging, but also must focus on their core mission to facilitate economic growth and create jobs in their local communities.
Given these challenges, we must also manage our costs to allow the U.S. to compete within the global economy as we recover from the recession.
Given the current lack of funding available to port authorities to allow them to invest in their facilities and to make necessary investments in infrastructure to promote economic growth, I envision that in the year ahead we will start to see alternative investment strategies that will result in true public-private partnerships between the capital marketplace and publicly owned port assets. I envision these strategies will provide financial management of downside risks, sharing of upside benefits and allow a stable path for continued economic growth.
I see 2010 as a year in which we can all work together and build a solid foundation to allow our nation's economy to recover, grow, prosper and compete within the global marketplace.