April 20, 2023 — The numbers are in and the Port of Redwood City’s (Port) financials are shaping up to be better than expected. The Port received a mid-year financial report at its March 22 board meeting and learned that gross revenues were up by 13% when compared year over year, from $4.5 million to $5.1 million.
The increase is primarily attributed to an uptick in cargo operations, which is up about 11% over the previous period thanks to post-pandemic supply chain recovery, as well as overall improved fiscal management practices.
“The Port remains cautiously optimistic about this outlook,” explained Kristine A. Zortman, executive director for the Port. “Our cargo numbers are driven heavily by the regional construction sector, with strong projections over the next 18-24 months, the Port is poised to have a strong financial year.”
Port tenants import materials like concrete, aggregates, gypsum, slag and other materials used by the construction industry. The primary export of the Port is scrap or recycled material. Revenues derived from the Port’s cargo operations are reinvested into the community through family fun waterfront activities on the bay.
Also at the March 22 meeting, the Board of Port Commissioners selected CDM Smith as the consultant firm to conduct the California Environmental Quality Act (CEQA) process on the future Redwood City Ferry Terminal Project. CDM Smith’s role is to lead the environmental impact studies for the Ferry Terminal.
This action marks the next step in implementing the public ferry service and aligns with the proposed project schedule to be completed in 2026. The purpose of this project is to create an alternative transportation option for commuters and help remove traffic congestion from the highways. The Port will represent the southernmost hub and connect the mid-Peninsula to the San Francisco Bay Ferry System, serving San Francisco and East Bay.
“All of these exciting updates further underscore the Port’s role as an economic engine for the Silicon Valley region,” stated Port of Redwood City Board Chair Ralph Garcia. “The Port exemplifies how industry can have a positive benefit to the community and its residents.”
Port operations deliver vital goods to consumers, ship U.S. exports, create jobs and support local, regional and national economic growth. According to the American Association of Port Authorities, cargo activities at U.S. ports alone account for 26 percent of the U.S. economy.
Not only does the Port of Redwood City play a major role in bolstering the local economy, they just kicked off its summertime “Rock the Dock” concert series, and will host its first-ever lighted drone show the evening of May 6. These events complement the annual PortFest that happens each October.
To learn more about the Port of Redwood City or its upcoming events, please visit redwoodcityport.com. For more information on the Ferry Terminal Project, please visit https://go.redwoodcityport.com/PortFerry to read the Port’s flyer.