It is impossible to dispute the importance of the Port of Baltimore to the American economy.
In 2023, the Port of Baltimore handled a record 52.3 million tons of international cargo valued at nearly $81 billion. The port supports more than 15,000 direct positions, with nearly 140,000 jobs tied to its sprawling facilities.
But on March 26, the Francis Scott Key Bridge collapsed after the container ship Dali struck the bridge and sent the 47-year-old structure into the Patapsco River. Six construction workers were killed while working to repair potholes early that morning.
The port remains closed, but the U.S. Army Corps of Engineers hopes to partially reopen it later this month, with a goal of having the port fully operational by the end of May.
For Maryland Democratic Gov. Wes Moore, the collapse further solidified his commitment to the port, whose enormous economic footprint plays a major role in the nation’s supply chains.
“We’re talking about $70 billion in economic activity,” Moore said of the port’s importance. “Until this port is fully operational, the impact will be felt everywhere.”
Moore recently spoke with Business Insider about the Key Bridge collapse and the economic impacts of closing the port.
The questions and answers have been edited for brevity.
John L. Dorman: How important is the Port of Baltimore to the U.S. economy as a whole?
Governor Wes Moore: The port is the largest in the country for heavy goods vehicles and agricultural equipment. This affects Ohio car dealerships. It is the country’s largest port for spices and sugar.
President Joe Biden, right, and Maryland Governor Wes Moore near the site of the collapsed bridge. AP Photo/Julia Nikhinson
That restaurant in Tennessee or Michigan…chances are they have a product that’s coming through the Port of Baltimore. Tens of thousands of workers rely on the port every day, and the disruption to maritime operations is not only spreading across the region, but throughout the United States.
JD: The Baltimore area has experienced low unemployment and a strong real estate market in recent years. How do you see the port closure affecting Baltimore’s economy?
MW: Baltimore’s renaissance is real. When I was inaugurated last year, the state was ranked 47th in terms of economic momentum. (It is now ranked 27th, according to data from Federal Funds Information for States.) And Baltimore has the eighth-fastest growing economy in the country.
The ship Wallenius Wilhelmsen is seen at Baltimore Harbor. Jerry Jackson/Baltimore Sun/Tribune News Service via Getty Images
But we must focus on reopening this port and making the region a global hub for cybersecurity and AI. I’m very optimistic about Baltimore and where it can go over the next decade.
JD: You have worked closely with Baltimore Mayor Brandon Scott on recovery efforts related to the bridge and port. What were your thoughts as you both stood near the shore and saw the devastation caused by the collapse?
MW: It didn’t seem real. For both of us, all we’ve ever known is the Key Bridge. It has always existed. In the end, looking up and finding it was gone was something we never imagined. I remember telling him, “We’re made for this.” We are made for this moment. »
JD: What are the next steps to ensure the bridge can be rebuilt?
MW: President Biden has committed to having the federal government cover 100% of the cost of a rebuilt bridge. But the president will need Congress to approve the funding. A rebuilt bridge will have a significant economic impact and the president understands that too.
The Key Bridge was a key artery in this region. Every day, 36,000 people crossed this bridge. I am very anxious and looking forward to seeing it rebuilt and operational.
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