Georgia’s legislature has approved $50 million in additional money for deepening Savannah’s port as part of the overall state budget approved last Thursday, and the measure awaits Gov. Nathan Deal’s signature.
Along with previous funding, Georgia has allocated $231.1 million toward the state’s portion of the Savannah Harbor Expansion Project.
Deepening the Savannah harbor from 42 to 47 feet is planned to accommodate an increase in the number of super-sized container vessels that will use the Panama Canal after an expansion project is finished in 2015.
With a deeper channel, larger and more heavily laden ships can arrive and depart with greater scheduling flexibility.
“This infrastructure investment is crucial not just for the port, but for the economy of Georgia and the entire Southeast,” said Deal. “A deeper Savannah Harbor means greater efficiency for 21,000 U.S. companies, 75 percent of which are headquartered outside of Georgia.
He said a U.S. Army Corps of Engineers study has shown the project will reduce shipping costs for private companies by at least $213 million a year.
“Neither Georgia nor this nation can afford to delay a project that provides customers with a tool that reduces their costs,” Deal said.
The new funding was part of Deal’s budget request for the coming fiscal year.
“The strong actions by the General Assembly and the governor indicate the level of commitment across the state to see the harbor deepening completed,” said Georgia Ports board chairman Robert Jepson. “We appreciate the broad support among state leaders for our deepwater ports, which serve as economic engines supporting 352,000 jobs across Georgia.”
The overall cost of the project is anticipated to be $652 million.
