Investments to Increase Southampton Port’s Contribution to UK Economy
A new independent report has revealed the scale of the contribution made by Associated British Port’s (ABP) Port of Southampton both to the regional and national economy.
The latest statistics from consultants Arup show that the port contributes £990 million to the UK economy every year, including £714 million for the Solent region.
They also show that the port supports 14,730 jobs.
The report confirms that ABP has retained its position as the UK’s number one cruise port, welcoming 1.7 million passengers in 2013 – more than any other cruise port in the UK. Southampton has also been recognised as the number one cruise turnaround port in Europe.
Over the past five years ABP has invested over £100 million to help drive growth and secure jobs in Southampton.
Its investment for the future is continuing and over the next five years ABP plans to spend a further £150 million to develop the port. This investment will increase the port’s contribution to the UK economy by an estimated £437 million every year.
ABP plans to invest £837 million of capital and operational investment over the next five years, which will add an extra £1.7 billion to the UK economy every year.
Press Release, July 18, 2014