431. U.S. seaport expansion — Dual-language instruction in the U.S. — Capital controls in the region
- Author:
- Kurt J. Nagle
- Publication Date:
- 04-2014
- Content Type:
- Journal Article
- Journal:
- Americas Quarterly
- Institution:
- Council of the Americas
- Abstract:
- Infrastructure: U.S. Seaport Expansion BY KURT J. NAGLE U.S. seaports are in an enhancement and expansion mode. While the widening of the Panama Canal may serve as the catalyst for some of the anticipated $9.2 billion in annual facilities investment in the foreseeable future, this is only part of the story. Several other factors are propelling this huge investment of private capital into U.S. ports. One is the rebounding domestic economy: the value of U.S. exports has risen 70 percent and imports have increased by 53 percent since the first half of 2009. Another driver is the increasing overseas demand for U.S. exports, particularly among the growing middle class in Latin America and parts of Asia. In fact, in the next decade, total U.S. exports are projected to surpass imports for the first time in a generation. Yet another consideration is that manufacturing operations are returning to North America, a development known as “nearsourcing.” With rising labor costs overseas, a narrowing labor differential at home and long transit times to market, a Michigan-based AlixPartners survey conducted in 2012 found that 9 percent of manufacturing executives have already taken steps to “near-source” their operations, and 33 percent plan to do so within the next three years.
- Topic:
- Development, Economics, and Government
- Political Geography:
- United States, California, and North America