With the expansion of the Panama Canal expected to be complete in 2015, U.S. Port Cities are uniquely positioned to reap economic benefits of increased industrial activity.
In a recent industrial-related blog post from ICIC, author Amanda Maher analyzes why the U.S. is poised for a comeback in manufacturing--and what this means for our port cities. Specifically, a burst in the domestic real estate bubble has reduced pressure on industrial land from commercial and residential uses, making it more cost-friendly to reuse and redevelop industrial sites.
Cities like Newark are taking proactive approaches to invest in industrial sites around their port. In the past 24 months alone, Brick City Development Corporation has facilitated the groundbreaking of 5 large food warehousing/distribution sites near the Newark Port, resulting in hundreds of jobs for Newark residents.
The article examines steps economic developers can take to prepare for the expected increase in industrial activity, including a little old-fashioned hand-holding.
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