HOUSTON, Nov. 21, 2014 (GLOBE NEWSWIRE) -- The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.
Projections by the Port Authority anticipate increased revenues in 2015, driven in large part by an increase in both import and export container volumes, with an expected pullback in steel tonnage after a banner year in 2014.
Overall cargo volumes at the Port Authority continue to grow, with total tonnage in 2014 five percent higher than the previous year.
Total revenues are projected to increase by 1.6 percent in 2015. A capital improvement budget of $275 million will be supported by the cash flow from the current year and 2015. Those capital improvements will include strategic projects to support new growth opportunities, along with recapitalization projects and channel projects.
The global economic outlook suggests 2015 will be slightly stronger than 2014, with most key economies either growing or remaining steady during the upcoming year.
About the Port of Houston Authority
For nearly 100 years, the Port of Houston Authority has owned or operated the public cargo-handling facilities of the Port of Houston – the nation's largest port for foreign waterborne tonnage. The port is an economic engine for the Houston region, the state of Texas and the nation. It supports the creation of more than one million statewide jobs and more than 2.1 million nationwide jobs, and the generation of economic activity totaling more than $178.5 billion in Texas and $499 billion across the nation. For more information, visit the Port Authority website at: www.portofhouston.com
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Source:Port of Houston Authority