A comprehensive independent study of the economic impacts of the entire Great Lakes-St. Lawrence Seaway navigation system for the 2022 shipping season was recently released, detailing the importance of the seaway in the Great Lakes economy.
Titled “Economic Impacts of Maritime Shipping in the Great Lakes-St. Lawrence Region,” the study looked at the economic impact of the seaway from multiple perspectives and showed that even in a year in which the world was gripped with pandemic challenges, global unrest, and supply chain concerns, marine shipping drove the North American economy forward.
The binational study presents results from both a U.S. and Canadian perspective.
From the American perspective, 2022 maritime commerce supported $36 billion in economic activity; more than 240,000 jobs which generated almost $18 billion in wages; the movement of 135.7 million metric tons of raw materials and finished goods; and $6.3 billion in state and federal taxes.
The Canadian part of the study showed that 2022 maritime commerce supported $66.1 billion (CDN) in economic activity; more than 355,000 jobs that generated some $30 billion (CDN) in wages; the movement of 252.1 million metric tons of raw materials and finished goods; and $12.8 billion (CDN) in taxes.
The study was requested by a public/private sector committee of American and Canadian maritime organizations, with the intent of providing the navigation community, transportation planners, government policy makers, and the public with a credible, independent assessment of the economic contributions made by commercial maritime shipping in the Great Lakes and St. Lawrence region throughout North America.
The study indicates the industry’s contributions provide strong rationale for major governmental initiatives aimed at enhancing infrastructure and improving supply chains.
This includes the U.S. Government’s Bipartisan Infrastructure Law and Inflation Reduction Act, which is aimed in part at investing in green technologies and infrastructure enhancement. It also includes the Canadian Government’s Green Shipping Corridor Program, which will support increased sustainability within the marine sector, and the Canadian Government’s commitment to establish a dedicated Transportation Supply Chain Office to enhance supply chain effectiveness.
