The Greater Lafourche Port Commission, which manages Port Fourchon, recently received a 2014 update to an economic study initially commissioned in 2008.
The updated study was done by Dr. Loren Scott, an economist and former chairman of the economics department at LSU.
The economic impact of Port Fourchon grew in virtually every number and criteria listed in the study between 2008 and 2014, often by significant percentages. Average worker wages from jobs generated by port activity jumped 32 percent to over $56,000 annually while household earnings increased 88 percent from $350 million in 2008 to $657 million in 2014.
Other prominent factors in the report include: one of every 13 jobs in the bayou region can be traced to the presence of Port Fourchon, and the job multiplier for the bayou region is 4.6, meaning that for every new job created at the port 3.6 new jobs are created elsewhere in the region.
On a larger scale, the job multiplier for the state related to port activity is 6.2. Additionally, ongoing operational activity at Port Fourchon created almost $2.1 billion in sales for firms in the bayou region and some $2.6 billion in sales for firms in the state.
The study also determined that should the port shut down for a three week period due to a hurricane, terrorist attack or other destructive phenomenon, likely impacts would be a loss of $11.2 billion in business sales to United States firms, a loss of over $3.1 billion in household earnings and a loss of over 65,000 jobs locally and nationally combined.
“We are very happy with the updates figures in this report and with the help of our tenants, who have made significant infrastructure and other investments, and the public, the port will continue to grow. It has proven to be an excellent job creator for the region as well as the nation and we hope this report helps to show the nation the importance of Port Fourchon to not only the region but the entire nation as well,” said Greater Lafourche Port Commission President Perry Gisclair.
In his presentation to commission members at the board’s November monthly meeting, he stressed that all the numbers in the report should be considered conservative because not all port tenants responded to information requests.
“We’re happy to see that the economic prowess of the port continues to grow and provide jobs to people in our region and state,” said Commission Executive Director Chett Chiasson. “We believe this just solidifies the belief that Port Fourchon has a bright future.”
The full study can be seen online at www.portfourchon.com.
Posted on Tue, November 11, 2014
by Doug Cheramie II, Contributing Writer