Economic impact from Baltimore bridge collapse will be long-lasting, trade group warns

Trending 1 month ago

The illness of nan Francis Scott Key Bridge, a captious transition for thousands of trucks per day, will do "significant" economical harm not only to nan region but nan full country, manufacture experts and Gov. Wes Moore warned. 

The "Key Bridge and Port of Baltimore are captious components of our nation’s infrastructure and proviso chain" and nan illness "will person important and long-lasting impacts connected nan region," Sean McNally, spokesperson for nan American Trucking Association (ATA), told FOX Business.

The relation estimated astir 4,900 trucks traveled nan span each day, carrying astir $28 cardinal successful equipment each year. 

As a result, "trucks moving hazardous materials will now beryllium taxable to astir 30 miles of detours astir nan City of Baltimore because they are prohibited from utilizing nan city’s tunnels," McNally said. "This will adhd important costs successful time, substance and delays for trucks walking done nan region, connected apical of nan disruption that a closure of nan Port of Baltimore will inflict connected our economy." 

FRANCIS SCOTT KEY BRIDGE COLLAPSE: FAST FACTS ABOUT THE PORT OF BALTIMORE

The Francis Scott Key Bridge

The cargo vessel Dali sits successful nan h2o aft moving into and destroying Baltimore's Francis Scott Key Bridge March 27, 2024, successful Baltimore. (Tasos Katopodis/Getty Images / Getty Images)

The span that feeds into nan Port of Baltimore collapsed into nan Patapsco River early Tuesday greeting aft a ample instrumentality vessel struck a support column. Officials person launched a betterment effort for nan workers connected nan span presumed dead. 

Moore said Wednesday location is nary denotation immoderate civilians were connected nan span astatine nan clip of nan accident. 

MARYLAND: SHIP HITS FRANCIS SCOTT KEY BRIDGE, CAUSING IT TO COLLAPSE

Vessel postulation into and retired of nan Port of Baltimore has been closed until further announcement arsenic betterment and cleanup efforts are underway. That port, according to respective reports, contributes to astir $15 cardinal successful economic activity each day.

Moore told "Fox & Friends" during an question and reply Wednesday nan incident is "costing nan full country." 

"We are talking astir a larboard that's responsible for complete 51 cardinal tons of overseas cargo. That's nan largest successful nan country," Moore said. 

The larboard is nan busiest in nan U.S. for car shipments, handling much than 750,000 vehicles successful 2023, according to information from nan Maryland Port Administration. It is besides nan largest U.S. larboard by measurement for handling workplace and building machinery, arsenic good arsenic cultivation products.

It handled a grounds magnitude of cargo past year, making it nan 20th biggest larboard successful nan federation classed by full tons, according to nan Bureau of Transportation Statistics.

The Francis Scott Key Bridge

The Francis Scott Key Bridge aft its illness into nan Patapsco River successful Baltimore March 26, 2024.  (Al Drago/Bloomberg via Getty Images / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

"The Port of Baltimore is responsible for cars, dense vehicles, cultivation equipment. … This is not conscionable going to effect Maryland, this is impacting nan husbandman successful Kentucky. It's impacting nan car trader successful Michigan," nan politician continued. 

Moore said rebuilding nan span and reopening nan larboard to vessel postulation arsenic soon arsenic imaginable are cardinal to getting "our economical motor going again." 

For now, Jean-Paul Rodrigue, a professor successful nan Department of Maritime Business Administration astatine Texas A&M University–Galveston, told FOX Business companies pinch cargo bound for Baltimore are moving to reroute those shipments to different ports pinch nan capacity to grip them. 

Ford and General Motors each announced they are moving to reroute car shipments scheduled to spell to Baltimore and said nan effect would beryllium minimal.

FOX Business' Eric Revell and Michael Dorgan contributed to this report. 

More
Source foxbusiness.com
foxbusiness.com