Today’s Providence Journal has an editorial noting a recent Maine Port Authority study which points to the huge economic development opportunities for North Atlantic ports:

Editorial: Maine chance
01:00 AM EST on Tuesday, January 8, 2008

A recent story in the Boston Business Journal was headlined “Rhode Island a tough sell for lux [condo] units.” People who think that Rhode Island can depend on condo developments, restaurants and the like without a wealth-creating underlying economy would do well to read it (boston.bizjournals.com/boston/stories/2007/12/31/story5.html). A thriving economy has as its bases manufacturing (or agriculture, mining and fishing), invention (R&D) and trade. They add wealth to a region, while real-estate development mostly just moves it around.

Also please look at a new study from the Maine Port Authority (www.maineports.com/PortStrategyStudy.html). Consider these executive-summary points:

• “Container port capacity in the North Atlantic will not keep pace with demand, resulting in unacceptably high port utilization, severe port congestion and reduced productivity.”

• “To avoid vessel delays, operate at world-class productivity and remain competitive, by 2015 North Atlantic ports will need to add at least 43 percent additional capacity [to what] is currently planned.”

• “Others have similarly determined the need for a new container port in the North Atlantic. .?.?. If Maine [which has a container port already at Portland] does nothing, this window of opportunity will be closed and Maine’s economy will suffer.” And the report said: “There is a large market-driven opportunity to develop a new container terminal at Searsport .?.?. “

If properly protected from incompatible mixed uses, the Port of Providence will be perfectly situated to take advantage of these shipping opportunities.