Charleston Deepening Gets $3.5 Million in President's Budget

Federal Share of FeasibilityStudy Now More than Halfway Funded

CHARLESTON, SC – February 13, 2012 – For thefirst time, the President’s Budget includes funding forCharleston Harbor Deepening, demonstrating that leadersat the highest levels of government recognize theproject as one critical to the nation’s economic future.

In the budget announced today, theAdministration included $3.549 million for Charleston’spost-45 foot deepening project for fiscal year 2013,which begins October 1, 2012.

We are incredibly grateful to theAdministration for recognizing the importance of thePort of Charleston in the national economic strategy,said Bill Stern, chairman of the South Carolina PortsAuthority (SCPA) Board. This funding puts us well onour way to completing the feasibility phase of thisproject so we can move expeditiously to deepeningCharleston Harbor.

Sen. Lindsey Graham, along withCongressman Jim Clyburn, has gone above and beyond tochampion this project with the Administration, Sternsaid. Additionally, Mayor Riley’s involvement has beeninvaluable as he has used every opportunity with thePresident to emphasize Charleston Harbor’smerits.

Today’s announcement comes on the heelsof the release last week of the U.S. Army Corps ofEngineers’ Work Plan for the rest of fiscal year 2012,which included $2.5 million for the continued work onthe Charleston Harbor post-45 foot deepening project.The latest allocation, if approved by Congress, alsomeans that the federal government’s share of the studycost is now more than halfway funded.

We welcome any future opportunity toshow the Administration that their investment inCharleston is the nation’s best buy in harbor projects,with a payoff in new jobs and economic growth across theregion, Stern said.

The feasibility study is estimated at$20 million, which is cost-shared 50/50 between thefederal government and the South Carolina PortsAuthority. The SCPA also has committed to accelerate itshalf of the study funds as needed to continue to advancethe project.

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.

Funds for the nation’s Corps ofEngineers’ Civil Works projects in the President’sBudget represented a 5.4 percent decrease in fundingfrom the previous year. The Budget document stated thatthe savings were achieved by prioritizing investmentsthat will yield high economic and environmentalreturns. The President’s Budget alsoincluded $15.8 million for maintenance dredging inCharleston Harbor.

With 45 feet of depth at mean lowwater, Charleston currently has the deepest channels inthe South Atlantic region and can handle ships draftingup to 48 feet on high tide. Deepening Charleston Harborwill open the port to expanded trade opportunities andincreased big-ship traffic via the new locks of thePanama Canal 24 hours a day.

Already in 2012, the Port of Charlestonhas handled 24 ships with actual docking or sailingdrafts 40 feet or greater, too deep for today’s PanamaCanal.

 

About the South Carolina PortsAuthority:

The South Carolina Ports Authority,established by the state’s General Assembly in 1942,owns and operates public seaport facilities inCharleston and Georgetown, handling internationalcommerce valued at more than $58 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 http://www.scspa.com.

 

AdditionalQuotes from South CarolinaLeaders:

 

This is great news for Charleston andour state’s economy. I want to thank President Obama forhis leadership on this important project, and I willcontinue to work with him, the Army Corps of Engineersand my colleagues in Congress to get this projectdone.

–          Congressman Jim Clyburn

 

This is the type of funding that thefederal government should be investing in. TheCharleston Port has gone through a merit-based processto prove its importance to our nation, and has obviouslyproven that worth not only to those of us in SouthCarolina, but to the President as well. While there aremany problems with the President’s budget – tax hikesand spending increases to name two – this is somethinghe got right.

–          Congressman Tim Scott

 

I am pleased to see the President hasincluded $3.5 million dollars in the FY2013 budget forthe Charleston harbor deepening project.  TheCharleston port is important to job creation in SouthCarolina as well as the Southeast.  It is my hopethat the President will continue to support suchmeasures that provide for economic growth and help putour American families back to work.

–          Congressman Joe Wilson

 

It’s another great day in SouthCarolina, and we are so appreciative for thisrecognition that the future of the Port of Charleston isa priority for the region and the country.

–       Governor Nikki Haley

 

I am happy the Pre
sident provided $3.5million to move this critical project farther down theroad. We will continue to pursue ways to come up withmoney to complete this dredging project and secure abright future for South Carolina.

–       Sen. Hugh Leatherman, Chairman, Senate FinanceCommittee

 

The Port of Charleston has long beenour state’s gateway to the rest of the world. For ourcitizens to succeed in the global arena of the future,our port must remain competitive. Without this project,generations of South Carolinians will not achieve thequality of life they would have hadotherwise.

–       Sen. Larry Grooms, Chairman, Review and OversightCommission on the South Carolina PortsAuthority

 

This word will spread to the mostimportant folks – the shippers – that we are truly openfor business now and even more so in thefuture.

–       Sen. Paul Campbell

 

This is a great victory for the SouthCarolina Ports Authority in our ongoing effort to deepenCharleston Harbor.  With 1 in every 5 SouthCarolina jobs tied to our ports, it’s nice to seeWashington take action on something that will promotereal job creation.  As our state’s lawmakers arecommitted to doing everything possible on our side tomake this project a reality, it is encouraging to seeWashington stepping up to the plate on this vitaleconomic development project.

–       Rep. Bobby Harrell, Speaker of the House ofRepresentatives

 

I am pleased to see that the Presidentis investing in Charleston as a true post-Panamaxharbor, as all other projects being studied in theregion come up short.

–       Rep. Jim Merrill, Vice Chairman, Review and OversightCommission on the South Carolina PortsAuthority

 I, along with my fellowmembers of the South Carolina General Assembly, asevidenced in my Concurrent Resolution, am pleasedPresident Obama included in his 2013 federal budget thefunding for the U.S. Army Corps of Engineers to continuea feasibility study on deepening Charleston Harbor to atleast fifty feet.

The deepening of Charleston’s Harboris critically important to our port, our community, ourregion, and our state’s economic success in the future.A deepened harbor translates into jobs in our communityand throughout South Carolina and is a great benefit tobusinesses in this part of our country.

–       Mayor Joe Riley, City of Charleston

 

As the Port of Charleston is a vitalpart of the economy of our region and state, we are verypleased that President Obama has placed money in hisbudget to bring our Port’s deepening project closer to areality.

–       Mayor Keith Summey, City of North Charleston

 

This is great news for South Carolina.The Charleston Harbor Deepening is essential tolong-term economic success in our state, and presents acompelling business opportunity for the United States aswe prepare for the Panama Canal expansion.

–       Secretary Bobby Hitt, South Carolina Department ofCommerce

 

Today’s announcement is a significantmilestone in the Port’s ongoing effort to deepen itsharbor. For manufacturing to continue to grow in SouthCarolina, we must have port facilities that canefficiently handle cargo which more and more will becarried by post-Panamax ships. If we can deepenCharleston’s harbor, finish the Navy Base expansion, andbuild adequate infrastructure surrounding the port,Charleston will maintain its place as a port of choicefor the manufacturing sector.

–       Lewis Gossett, President & CEO, South CarolinaManufacturers Alliance

 

The business community is pleased thatthe president, at the request of our federal delegation,included $3.5 million in his budget for Charleston’spost-45 foot deepening project. Today’s announcementshows that creating jobs is a bipartisan effort. Thecompletion of harbor deepening is critical to companiesall over the state that do business with the port. Thisannouncement is another great step in the rightdirection for South Carolina and the entire Southeastregion.

–       Otis Rawl, President & CEO, South Carolina Chamberof Commerce

 

The Port is a key attraction asset anda deciding factor for companies considering theCharleston market for an expansion or location.Companies today require efficient access to worldmarkets and as the deepest harbor in the South Atlantic,Charleston is strategically positioned to offer thosedirect connections. We are thankful our leadersrecognize the tremendous economic boost the deepwaterPort of Charleston offers our region, our state and alsoour nation.

–       David Ginn, President & CEO, Charleston RegionalDevelopment Alliance