A recent study from officials from the Port of San Diego has shown that close to $14 billion has been generated by the port for the region, which includes Sorrento Valley, during the fiscal year 2023.
This amount of $13.8 billion that was generated between July 1, 2022, and June 30, 2023 is an increase of 41% from economic impact report of 2019. The report was prepared by Cambridge Systematics, a transportation consultancy firm.
Four specific industries at the port were examined. These include the tourism and commercial industry, the cruise industry, the wholesale and industrial industry, and maritime trade and cargo. The report found that cargo shipped through the port increased by 21% since 2021, the cruise industry spent more than $104 million, and visitors to hotels in the waterfront area of San Diego Bay spent $2.6 billion.
Officials from the port added that there has been an increase of 10% in the number of jobs supported by industries that operate at the port since 2019.
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Chair of the Port of San Diego Board of Port Commissioners, Danielle Moore, said that the findings from the study underscore the resilience of the port in the past few years and its incredible recovery during the many challenges of inflation and the global supply chain, among others.
