Ron Paul
2007 Ron Paul Chapter 33

Ron Paul The Port Of Galveston: A Source Of Economic Growth For Texas And The Nation

1 March 2007

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The Port Of Galveston: A Source Of Economic Growth For Texas And The Nation
1 March 2007

2007 Ron Paul 33:1
Mr. PAUL. Madam Speaker, in recognition of the benefits the Port of Galveston provides to Galveston, and the Nation, the Galveston Chamber of Commerce will honor the port on March 7. I am pleased to join my friends from the Galveston Chamber of Commerce in paying tribute to the Port of Galveston.

2007 Ron Paul 33:2
For the past 5 years, the Port of Galveston has been undergoing major transformations. In fact, port officials believe there have been more changes at the port during this period than in any other 5 years in the port’s history. As a result of these changes, in the 2006 fiscal year the Port of Galveston had its highest gross operating revenue in 23 years.

2007 Ron Paul 33:3
The cruise industry is the largest source of port-related economic growth for both the city of Galveston and the State of Texas. In 2006, the Galveston-based cruise business helped support 13,272 cruise industry jobs in Texas that paid more than $599 million in wages. Approximately 46 percent of the industry’s direct expenditures were based in tourism-related businesses like travel agencies, airlines, hotels, restaurants, and ground transportation providers. Other Texas industries that benefit from the cruise business’s expansion are petroleum refining, communications and navigation equipment, and engines and power transmission equipment manufacturing.

2007 Ron Paul 33:4
The increase in cruise-related income has presented the Port of Galveston with the challenge of ensuring the port is capable of continuing to meet the needs of the cruise business. The Port of Galveston’s management is committed to ensuring the port continues to grow and change to meet the demands of the port’s expanding cruise and other businesses. Since 2000, approximately $45 million has been invested in the port’s cruise facilities. It is expected that revenues from cruise operations will give the port an opportunity to move forward and leverage earlier financing to provide for additional maintenance, repair, and capital construction in the port.

2007 Ron Paul 33:5
Madam Speaker, the Port of Galveston’s contribution to the Texas and United States economies is by no means limited to the cruise business. The port also plays a vital role in the global economy by facilitating trade with Mexico, Guatemala, Panama, Germany, China, Israel, Italy, and other countries.

2007 Ron Paul 33:6
In conclusion, Madam Speaker, I am pleased to join the Galveston Chamber of Commerce in honoring the management of the Port of Galveston for all of their contributions to the economies of Galveston, Texas, and the world.

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