Industrial Insights V2 2023 FINAL - Flipbook - Page 9
THE UPSIDE
ALL SIGNS POINT TO A SIGNIFICANT REBOUND
• DIP IN ACTIVITY TIED WITH TEMPERED U.S. ECONOMY
The decrease in TEU volume is linked with the down economy nationwide,
with no port spared. Nationally, cargo volume is down 12% from last
year, while Charleston is down 9.2%. Everything is cyclical, and when the
economy stabilizes, SC Ports is primed to pick back up.
• SOUTHEAST PORT MARKETS POISED TO FLOURISH
While manufacturing and retail remain down in the U.S., the Southeast
market is thriving with an in昀氀ux of new residents and industrial growth.
“Port-dependent companies are investing in new operations, including
advanced manufacturers, EV and battery manufacturers, solar panel
producers, retailers, e-commerce sellers and import distribution centers,”
SC Ports CEO Barbara Melvin said in her annual state of the port address.
“We have capacity for your supply chain, and as an operating port, we
provide unmatched service to propel your supply chain.”
• RISE IN EASTERN SEABOARD PORTS
Gulf Coast and East Coast ports captured 52% of market share in 2022, up
from 45% in 2016. The expansion of the Panama Canal has made it easier
for ships to berth at ports like Charleston and Savannah, as opposed to
Los Angeles/Long Beach.
• $400M INTER-MODAL YARD IN NORTH CHARLESTON
SC Ports is developing a rail-served inter-modal yard that will provide
near-dock rail to the Port of Charleston. CSX and Norfolk Southern will
serve this project, helping speed goods to market and fuel warehouse
growth.
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