AAPA estimates that, without sufficient investment from federal sources, the nation risks the loss of $4 trillion in potential GDP loss and $575 billion in cost to American businesses and households by 2025.<\/p>\n
By Sarah B. Hood\u2014<\/em><\/p>\n \u00a0<\/strong>Last January 10, Port of Cleveland President and CEO William Friedman spoke on behalf of AAPA before the U.S. Senate Committee on Environment and Public Works about the sector\u2019s critical infrastructure issues.<\/p>\n \u201cIt is imperative that related infrastructure be a part of any broad infrastructure investment legislation the committee develops,\u201d he said. \u201cAAPA has identified $66 billion in potential waterside and landside investments over the next decade that will help assure the benefits from an anticipated $155 billion in port-related capital infrastructure investments.\u201d<\/p>\n AAPA President and CEO Kurt Nagle points out that \u201cseaport cargo activity accounts for 26 percent of U.S. GDP and over 23 million American jobs, and generates over $320 billion annually in federal, state and local tax revenues.\u201d AAPA estimates that, without sufficient investment from federal sources, the nation risks the loss of $4 trillion in potential GDP loss and $575 billion in cost to American businesses and households by 2025. That is in addition to the $14 billion in the added cost of traded products due to shallow harbors by 2040.<\/p>\n