The impact of Baltimore’s Francis Scott Key Bridge disaster on the local economy and government is “difficult to understand,” said tax expert and CEO Niko Spiridonos.
The spectacular collapse of Baltimore’s Francis Scott Key Bridge last week may pose a temporary economic threat. Local and state economiesaccording to Moody’s.
Moody’s said in a new analyst note that the remains of the bridge are blocking a vital shipping route to one of the nation’s busiest ports, with both Baltimore and Maryland facing potential fallout. He said he was facing.
“The collapse of the Francis Scott Key Bridge on March 26 will temporarily disrupt the transportation, logistics, and warehousing economies of Baltimore City (Aa2 stable) and Maryland (Aaa stable),” the report said. It is said that “However, the risk of long-term damage will be reduced with the resumption of port activity in the coming weeks and the eventual provision of significant federal funding to replace the bridge.”
The Port of Baltimore ranked 17th in the country in total cargo tonnage in 2021 and was the busiest port for passenger cars and light trucks. In 2023, the port handled a record 52.3 million tons of international cargo. This equates to almost $81 billion. Maryland data.
Trade group warns of long-lasting economic fallout from Baltimore bridge collapse
A crane removes debris from the Francis Scott Key Bridge on March 29, 2024 in Baltimore, Maryland. (Photo by Kevin Dietsch/Getty Images/Getty Images)
According to Moody’s, the port is one of only four in the country equipped to handle large cargo ships.
“Replacing the 47-year-old bridge that carried Interstate 695 will likely take years, but if the debris is quickly removed, the Port of Baltimore could be operational within the next few weeks,” Moody’s said. There is a possibility of restarting.” “As long as the port is closed, Baltimore’s advantage as the closest port to the Midwest will be lost as auto imports and other cargo are diverted to other ports on the East Coast, and Ports America Chesapeake will lose its advantage as the closest port to the Midwest. This would be detrimental to terminal operating companies such as LLCs.”
Francis Scott Key Bridge Collapse: Breaking News About the Port of Baltimore
Officials said Monday that the U.S. Coast Guard is preparing to open temporary alternative shipping lanes for commercially essential vessels as part of a phased approach to opening primary shipping lanes. Workers are also removing steel and concrete from the site of a fatal collapse after a cargo ship crashed into the bridge.
The Francis Scott Key Bridge, a large bridge spanning the Patapsco River in Baltimore, collapsed after being struck by a large cargo ship on March 26, 2024, prompting a massive emergency response with multiple people in the water. I was disappointed. (Jasper Colt-USA Today / IMAGN)
“This will be an important first step toward reopening the Port of Baltimore,” said Col. David O’Connell, commander of the Coast Guard’s Maryland Capital Region. said in the announcement. “Opening this alternative route will support the flow of maritime traffic into Baltimore.”
The port, which is closed indefinitely pending an investigation and debris removal from the wreckage, is also a major employer in the region. Moody’s estimates that the company creates approximately 19,970 direct jobs, representing about 1.4% of total jobs in the Baltimore region and 0.7% of total jobs in the state.
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Additionally, the bridge is an important artery for commuters, carrying approximately 34,000 commercial and passenger vehicles per day in 2023.
“Although local governments will not face a direct burden of replacing bridges, the city, as well as Baltimore County, will suffer from longer commute times and increased highway congestion,” the report said. There is.
