U.S. Department of Transportation announces historic new funding to strengthen port infrastructure
by National Marine Manufacturers Association 26 Feb 2022 16:44 PST
Trade © National Marine Manufacturers Association
The U.S. Department of Transportation's Maritime Administration (MARAD) announced this week nearly $450 million in newly available grant funding for port-related projects through the Port Infrastructure Development Program (PIDP)—by far the largest investment in the program ever. These grants will help ports expand capacity and improve the movement of goods through the nation's supply chains.
The announcement comes after passage of the Bipartisan Infrastructure Law signed into law late last year, and is nearly double last year's investment in PIDP for states and port authorities. In total, the Bipartisan Infrastructure Law will invest $17 billion in ports and waterways.
Marine manufacturers rely on a highly integrated supply chain to meet consumer demand. This new funding for port infrastructure is a strategic investment which will help alleviate congestion in the supply chain and assist U.S. marine businesses in providing for the recreational boating industry at a time of record growth.
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