New economic study released by Martin Associates - Close to 600,000 jobs supported by the Port of Montreal

MONTREAL, Feb. 6, 2024 /CNW/ - A mission-critical link in Canada's supply chain, the Port of Montreal supports 589,364 jobs and generates $93.5 billion in economic activity through its service users. These figures from a Martin Associates economic study confirm the importance of the Port of Montreal to the Canadian and Quebec economies, where 3.5% of national GDP and 10% of Quebec GDP are due in part to the business activities driven by the 36 million metric tons (tonnes) of cargo that moved through the Port in 2022.

The Economic Impacts of the Port of Montreal study conducted by Martin Associates measures the impacts of cargo-related activities at the Port of Montreal on the economies of Canada and Quebec. The purpose of the study is to quantify the economic impacts generated by the handling of 36+ million tonnes of cargo at the Port's marine terminals in 2022.

• Number of direct, indirect and induced jobs, including businesses that depend on or provide services to the marine terminals: 37,774, at an average salary of $78,721 (direct jobs)
• Economic benefits: $2.7 billion
• Tax impact from marine terminal activities: $1.5 billion
• Value of goods handled at the Port of Montreal: $151.2 billion
• 589,364 jobs related to importers and exporters, including 267,941 in Quebec
• Contribution of users to the Canadian economy: $93.5 billion, or 3.5% of GDP
• Contribution of users to the Quebec economy: $54.9 billion, or about 10% of GDP

This new study also provides an overview of the economic impacts of activity in Ontario and the United States, where the Port of Montreal serves as the main gateway to the heart of North America. For Ontario, goods transiting through the Port supported:

• 154,774 user jobs
• $18.9 billion in total economic value, or 2% of Ontario's GDP

Highlights ? Ontario

• 5,181 direct, induced and indirect jobs
• $370.2 million in economic benefits
• $208.1 million in tax impact

Highlights ? United States

• 2,020 direct, induced and indirect jobs
• $145.3 million in economic benefits
• $82.3 million in tax impact

For this study, Martin Associates used a methodology and definitions to measure the economic impacts of seaport activities at more than 700 ports in the U.S. and Canada over the past 38 years. The resulting economic impacts were based on a telephone survey of members of each of the economic sectors providing services to vessel and cargo activity at the Port, for a total of 1,100 interviews with 800 companies.  

Other published data include data from Statistics Canada and Revenue Canada as well as the U.S. Bureau of Economic Analysis, Tax Foundation, and the U.S. Census Bureau's Annual Survey of State and Local Government Finances.

Check out the study summary here.

Operated by the Montreal Port Authority (MPA), the Port of Montreal is the largest container port in Eastern Canada and a diversified transshipment centre that handles all types of goods: containerized and non-containerized cargo, liquid bulk and dry bulk. The only container port in Quebec, it is a destination port served by the largest shipping lines in the world. It is also an intermodal hub with a service offering that is unique in North America, featuring its own rail network directly dockside connected to Canada's two national rail networks. The MPA also operates a Cruise Terminal and a Port Centre.

The MPA factors economic, social and environmental components into its corporate initiatives. This commitment is governed by a sustainable development policy whose guiding principles focus on involvement, cooperation and accountability. Port activity supports 590,000 jobs and generates $93.5 billion in economic benefits annually.

SOURCE Montreal Port Authority