The economic uncertainties of the last several years will continue in 2011. But although economists continue to debate what’s ahead for the U.S. and economies around the globe, one thing is for certain: America’s ports cannot stand still. The need to invest in infrastructure improvements is greater than ever.
In an era of globalization, aging and inadequate infrastructure will stymie America’s opportunity for growth. Our industry and our country must pursue all available resources to move forward the projects necessary to keep us competitive. To do so, we must find new funding mechanisms beyond traditional sources. Public-private partnerships, which have become common in Europe, will become even more important in the U.S. in coming years.
While a quick return to the boom years and double-digit growth is unlikely for most ports in the near future, certain market segments will do well. This includes continued growth for products moving into and out of Latin America, particularly Brazil.
To take advantage of future opportunities, ports not only must invest in traditional infrastructure improvements — waterways, road-rail connections, facilities and equipment — but also must look to new technologies to improve on-port efficiencies. To maintain a competitive edge, we must put new tools to work to advance our strategic position. Cost containment and productivity will continue to drive decision-making.
In coming years, there will be winners and losers as our industry strives to adapt to a changing economic landscape. Ultimately, success will accrue to those ports that best align themselves with inland infrastructure, including roads, rail and distribution centers, that meet the demands of the global marketplace.