ProvPort Gets $10.5M Federal Grant
Saturday, October 16, 2010
ProvPort has received a $10.5 million federal grant to create more than 550 jobs and modernize the facility, the state’s Congressional delegation announced today.
The money will be used to replace outdated cranes currently used in the cargo center, expanding the port's capability to process container operations and alleviating demand on the Port of Boston, the only container port in New England.
“This funding will create jobs and help give Providence’s economy a shot in the arm. Making these upgrades at the Port of Providence will help build the capacity of Rhode Island to be an important regional hub for shipping,” said Senator Jack Reed.
The project will generate more than $120 million in economic activity and create nearly 930 jobs nationwide, in addition to the 550 new jobs in Rhode Island, according to a Bryant University study.
Added Senator Sheldon Whitehouse: “I’m glad that, working together, the congressional delegation was able to deliver more than $10 million in federal funds to support the ongoing development of the Port of Providence. This funding will boost our economy by creating hundreds of jobs, and is a smart and lasting investment in our state’s future.”
The money is part of the Transportation Investments Generating Economic Recovery program—also known as TIGER II—that Congress created in the 2010 Transportation Appropriations Act. About $600 million in grants were available.
ProvPort, Inc. is a nonprofit, public-private partnership created in 1994. It owns and operates the municipal port for the City of Providence. Each year, 3.2 million tons of marine cargo go through the port, which employs 2,400 people.
Editor's Note: One of the founders of GoLocalProv, Josh Fenton, is a paid consultant to ProvPort