FAU Survey: Port Everglades Firms Signal Optimistic Economic Growth
The Port Everglades business ecosystem is gearing up for more hiring and economic growth in the year ahead, according to a survey from a supply chain expert at Florida Atlantic University.
The Port Everglades business ecosystem is gearing up for more hiring and economic growth in the year ahead, according to a survey from a supply chain expert at Florida Atlantic University.
According to the third annual Port Everglades Economic Engine Sentiment Index (PEESI) produced by FAU’s College of Business, the economic sentiment index for members of the Port Everglades Association, a collection of businesses operating out of Port Everglades, is scored at .79 for the next 12 months.
Any value over .50 indicates a positive outlook for the future, with this year’s survey displaying the most optimism amongst firms since the survey’s inception.
“The port itself has been anticipatory in terms of the future with new developments like deepening the port channels and expanding a turn basin, allowing larger vessels to call at the port,” said David Menachof, Ph.D., associate professor in FAU’s Information Technology and Operations Management department. “They are forward-looking in terms of building infrastructure to support all the businesses operating there. Businesses are responding to this positively with their outlook for their futures and investments in the port.”
The PEESI surveys members of the Port Everglades Association for their expected business outlook for the next three and 12 months, hiring plans, use of artificial intelligence, as well as the Blue Economy to assess economic and business expansion within the port. The survey considers businesses in the maritime, technology, construction, legal, financial and engineering industries.
Despite reports of a softening job market, 75% of firms surveyed plan to hire new employees next year, an uptick from 63% last year. The need for technical positions expanded, with 39% of firms looking to fill technical spots, up from 27% the prior year.
“From the port’s point of view, the job market is robust as firms want to add jobs to continue the growth in the sector,” Menachof said. “Many are competing against each other for opportunities, and sometimes firms hire from each other, so many are looking to recruit from other areas.”
With the state advocating for the “Blue Economy,” or the use of ocean and coastal resources to balance economic prosperity alongside environmental sustainability, 53% of companies surveyed favored coastal tourism that promotes marine conservation and benefits the local economy; 30% said more needed to be done to accelerate growth in the Blue Economy; while 23% were uncertain about the potential of the Blue Economy.
“Port Everglades Association finds great value in the findings of the survey as it is the bellwether for the year ahead,” said Lori Baer, executive director of the Port Everglades Association. “We are pleased to have partnered with the College of Business to measure economic productivity and areas of growth in the year ahead.”
-FAU-
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