HOUSTON, Nov. 17, 2015 (GLOBE NEWSWIRE) -- The Fiscal Year 2016 Operating and Capital Budget was approved Tuesday during a special meeting of the Port Commission of the Port of Houston Authority.
Solid financial performance is expected to continue in 2016 with projections by the Port Authority of revenue growth after a very strong fiscal 2015 in terms of cargo tonnage. Total revenues are projected to increase by 2 percent next year with a steady growth in container units.
Cash flow generated in 2016 will help support a capital improvement program of
$314 million. Those capital improvements will include strategic projects to support new growth opportunities, along with recapitalization projects and channel projects to benefit the entire Houston Ship Channel.
The global economic outlook suggests 2016 will be slightly stronger than 2015, with most key economies either growing or remaining steady during the upcoming year.
About the Port of Houston Authority
For more than 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 nearly 1.175 million jobs statewide and 2.7 million jobs nationwide, and the generation of economic activity totaling almost $265 billion in Texas and more than $617 billion across the nation. For more information, visit the Port Authority website at: www.portofhouston.com