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By Victoria Parsons

World-changing events taking place thousands of miles away are likely to have a major impact on the ports bordering Tampa Bay.

First, the expansion of the Panama Canal will offer Asian manufacturers easy access to east coast ports – and Tampa Bay is closer to the Panama Canal than any other US port. With nearly 70% of products from China, Japan and Korea bound for the eastern seaboard currently offloaded in California and then shipped by truck or rail across the country, an expanded Panama Canal will greatly increase the number of container shipments to east coast ports.

Secondly, the anticipated re-opening of Cuba to tourism and trade gives Tampa Bay a significant advantage in attracting new cruise ships and commerce. Because Havana is located on the northwestern coast of Cuba, Tampa Bay ports are actually closer than Miami or Fort Lauderdale. Major cruise lines recognize that and are seriously looking at the Port of Tampa for expansion as that international destination becomes more accessible.

The ports already are major economic drivers in the communities they serve. The Port of Tampa represents nearly $8 billion in total economic activity to the state and region, with about $500 million generated in state and local tax revenues, according to a 2006 study commissioned by the port authority. Development projects currently underway, including dredging, construction and major expansions of terminal facilities at Port Redwing and Hooker’s Point, represent nearly $83 million in capital expenditures and nearly 1,500 new construction-related jobs in the region.

Port Manatee, while much younger and smaller than Tampa, also plays a key role in the economy of the region. A 2002 report indicates that it adds more than $2.3 billion annually in regional economic impact and supports more than 20,000 jobs. The Port Dolphin liquefied natural gas facility is expected to add $150 million in economic activity to the region over the next 20 to 30 years – not counting the construction jobs it will bring from 2011 to 2013. The Bradenton Herald notes that Port Manatee “holds the potential to become the county’s top economic force in years to come.”

And of course the business of the bay extends far beyond the ports, although the numbers are harder to come by. Ecotourism, including bird-watching, kayaking, canoeing, biking and hiking, is the fastest-growing segment of Florida’s most important industry. Anglers – both locals and visitors – spent $4.4 billion in 2006 in Florida, more than any other state. The economic impact of recreational fishing helped to support 75,068 jobs and generated $441 million in sales tax. Commercial fishing produced a smaller number of jobs but significant income for Florida: $576 million in economic impact and 9,700 jobs in 2007. Recreational boating is big business too, with a statewide economic impact of $18.4 billion supporting 220,000 jobs.

It’s hard to count the impact of Tampa Bay on the business of the region that bears its name, but it’s clear that this beautiful body of water plays a critical role in the region’s economy – and one that is likely to increase over the coming years.