WARRENPOINT Harbour has cemented its place as the second largest port in the north, generating £7.3 million for the local economy last year.
The harbour's latest economic impact assessment shows that 2016 was a record year, handling three and a half million tonnes of freight, valued at £6.2 billion. The port also generated £7.3 million in Gross Value Added (GVA) for the the Northern Ireland economy through on-site activity, via its local supply chain and employees wage expenditure. On a daily basis the port further sustains employment for 200 people with the Warrenpoint Harbour Authority (WHA) employing 65 directly.
Additionally, companies that trade through the port generated an additional £25 million for the Irish and UK economies.
The report, carried out by independent economist, Ryan Hogg, working alongside Richard Johnston, an associate director in the Ulster University Economic Policy Centre, concludes that over the last decade the port has generated over £61 million of GVA and sustained over 1550 full time equivalent job years for the local economy. GVA also grew at a compound rate of 4.1 per cent in this same period compared to a Northern Ireland average of 0.27 per cent.
The report also considers the challenges facing the port and chief among them is the fall-out of Brexit and what trading arrangements are established between the UK and the EU and other countries. Another challenge identified, to ensure the port remains competitive in the future, is the delivery of the Newry Southern Relief Road which would provide a more direct route for freight from across the island of Ireland entering and exiting the Harbour.
Chairman of Warrenpoint Harbour Authority, Stan McIlvenny said he was "delighted" with the report, with plans in place to ensure the port continues on its upward trajectory.
"We are not standing still and the board, staff, local stakeholders and industry experts are working together to develop shared plans for the future of the port that will ensure that it thrives and grows, contributing even more to the economy of the future.”
Chief executive Peter Conway added that the port was ready to deal with any potential fall-out from Brexit.
“The Port has been part of the fabric of society in Warrenpoint for hundreds of years and is an important catalyst for economic development in the region."
"I'm keen that the harbour develops and continues to support and grow the local economy and we hope that with strategic investment in projects such as the Southern Relief Road, we can continue to be a key component of the local and regional economy, whatever Brexit brings," he said.
