Expansion of the Panama Canal contributes to Miami's economic development

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Panama Canal Expands to Increase Efficiency

After 9 years of pharaonic expansion work, the new Panama Canal went into service at the end of June. Five billion euros were invested in this project equipped with 2 new locks. The Canal, which used to carry 14,000 container ships a year, will increase its traffic and accommodate boats with larger capacity.

The goal is to triple the volume of goods passing through the Canal. This will help develop US-Asian trade in goods and attract global maritime trade to this area.

Potential strong spinoffs expected for Miami and its region

Miami, as the closest US port to the Canal exit, plans to take advantage of this expansion, and to accommodate a larger quantity of larger vessels. For this, Miami has not hesitated to inject $ 139 million to increase its reception capacity, both by increasing the depth of the basins but also by equipping itself with gigantic cranes, without forgetting of course the modernization of the infrastructures of the Harbor. On Saturday, July 9th, Barnes International will be present at the festivities for the mega container ship Mol Majesty, the first to take advantage of this new infrastructure.

Extraordinary investments have also been made by the state of Florida, with a budget of 8.8 billion for the state's transportation department. This is the largest budget ever allocated to this department in this state.

The increase in commercial marine traffic in Miami will contribute to its economic and financial development over the next few years. Doug Wheeler, President and CEO of the Florida Ports Council says "the level of investment is unprecedented" in the history of this state. These prospects have also boosted industrial real estate linked to logistics. The price of warehouses around Miami and the airport has skyrocketed over the past 4 years, and there is even a shortage of available space.

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