SC Senate Approves $550m Bond Bill for Ports Could Pave Way for Long Planned Jasper Ocean Terminal
South Carolina’s ports are one of its’ major economic engines with over a $63 Billion impact on the state’s economy each year.
In an effort to maintain the Port of Charleston’s competitiveness with other east coast ports, the State Senate this week approved a resolution authorizing the state to borrow up to $550 Million to allow the S.C. Ports Authority to complete the new Hugh K. Leatherman terminal on the Cooper River.
If the resolution is approved by the legislature it will mark the first time in over twenty years that the Republican controlled General Assembly decided to issue government bonds to pay for a major state project.
The new Leatherman terminal is expected to double the capacity of the Charleston Port, and at the same time reduce the number of container trucks on congested Charleston area roads by increasing container shipments by rail.
The debate in the Senate concerning the Port of Charleston may have actually opened the door for a major new port in the state, the long-planned Jasper Ocean Terminal.