CLEVELAND – December 12, 2024 — The Port of Cleveland and the maritime-dependent industrial sector show resiliency and growth as a critical economic force in Northeast Ohio, according to a new study commissioned by the Ohio Department of Transportation (ODOT). The latest analysis reveals the port and maritime sector generates more than 23,000 jobs and over $7 billion in economic impact, a notable increase of $2.3 billion since 2021.

The report, conducted by John C. Martin Associates LLC, an internationally recognized leading transportation economics firm, underscores the vital contribution of Port and maritime-based activity to the region’s economy and its expanding impact on jobs, income and tax revenue. Key findings from the report include:

· Total Economic Impact: $7.07 billion (up from $4.7 billion in 2021)

· Total Jobs (Direct & Indirect): 23,758

· Personal Income: $1.89 billion

· Local and State Taxes: $189 million

This surge in economic impact is attributed to increased iron ore tonnages (up to nearly 9 million metric tons in 2023), higher output (cargo throughput, vessel traffic, etc.) and improved salaries and income multipliers.

“Cleveland’s harbor and river system is not just a local maritime and recreational asset—it’s a major economic powerhouse. As the public guardian of the maritime sector, the Port of Cleveland continues to prove itself as an economic engine for Cuyahoga County and Northeast Ohio,” said Will Friedman, Port President and CEO. “These numbers demonstrate we are headed in the right direction, and I am especially gratified to see this report as I conclude my tenure.”

Stefan Holmes, Port Board Chair, added: “The Port plays a vital role in the economic fabric of Northeast Ohio, supporting industries, creating jobs and strengthening communities. While its contributions often go unnoticed, the impact is undeniable.”

The data was developed as part of ODOT’s Ohio Maritime Plan and can be found here:

Ohio Maritime Plan – Economic Value Analysis

Beyond Shipping: A Milestone Year for Development Finance

The Port of Cleveland’s influence extends far beyond maritime operations, leveraging its unique authority under Ohio law to finance transformative job-creating and neighborhood projects. In 2024 alone, the Port approved a record 20 projects for approximately $753 million in development financing.

“This milestone reinforces that the Port’s economic development tools are more relevant than ever,” Friedman added. “Our unique combination of shipping services, infrastructure investment, and financing capabilities has proven to be a potent combination for driving growth and job opportunity across the region.”