Corps Funding Advances Charleston Harbor Project
February 8, 2012
CHARLESTON, SC – February 8, 2012 – Charleston’salready-underway harbor deepening project got anotherboost today with the release of the U.S. Army Corps ofEngineers’ Work Plan for the remainder of Fiscal Year2012. In it the Corps included $2.5 million for thecontinued work on the Charleston Harbor post-45 footdeepening project.
This is wonderful news for the 260,000South Carolinians whose jobs depend on thecompetitiveness of our port, said Bill Stern, chairmanof the South Carolina Ports Authority (SCPA) Board. Thenation needs a true 50-foot harbor in the Southeastregion to serve the growing needs of trade, includingbigger ships and increased demand overseas for U.S.goods. We applaud the Corps for including funds toadvance Charleston’s project, which is the nation’s bestbuy in harbor deepening.
The $2.5 million included in the WorkPlan will continue progress on the Feasibility Studythat began last summer. The study is expected to costaround $20 million, which is funded 50/50 by the FederalGovernment and the local sponsor. The SCPA also hascommitted to accelerate its half of the study funds asneeded to keep the project moving in an expeditiousmanner.
Our leaders at the local, state andfederal level all stand united in support of thisproject, said Stern. In particular, Senator LindseyGraham and Congressman Jim Clyburn have workedtirelessly to ensure that we continue to advanceCharleston deepening for the benefit of our state, ourregion and the entire nation. We are deeply appreciativeof their efforts.
More than 20,000 companies in two dozenstates use the Port of Charleston to access globalmarkets. These businesses ship goods worth $50billion a year through the Charleston Customs Districtand pay more than $600 million in duties into theGeneral Treasury annually.
Given national manufacturing,distribution, agricultural and export growth, along withthe Panama Canal expansion in 2014, the U.S. needs aSouth Atlantic port able to efficiently handle largerships calling in greater frequency over the comingyears.
Charleston already has the deepestchannels in the region and routinely handles the biggestships calling the U.S. East Coast today. WhileCharleston can accommodate vessels drawing up to 48 feetby using the tides, further deepening will open the portto expanded trade via the world’s most modern shipsunder any tidal condition.
The Corps stated in its ReconnaissanceStudy in 2010 that Charleston is likely the cheapestSouth Atlantic harbor to deepen to 50 feet.Charleston’s harbor deepening project is estimated todeliver $106 million in net benefits annually for anapproximately $140-million federal investment. The totaldeepening project is estimated at $300million.
About the South Carolina PortsAuthority
The South Carolina State PortsAuthority, established by the state’s General Assemblyin 1942, owns and operates public seaport facilities inCharleston and Georgetown, handling internationalcommerce valued at more than $50 billion annually whilereceiving no direct taxpayer subsidy. An economicdevelopment engine for the state, port operationsfacilitate 260,800 jobs across South Carolina and nearly$45 billion in economic activity each year. Formore information, visit www.scspa.com.
