Key Bridge Response
Understanding the Impact of the Key Bridge Collapse
Mar 28, 2024
As the leading business organization and voice of business in Maryland, we understand the urgent need for action in response to this crisis. The collapse of the Francis Scott Key Bridge not only disrupts vital transportation arteries but also threatens the economic well-being of our communities, businesses, and employees who rely on its connectivity.
The Francis Scott Key Bridge Collapse
The Key Bridge carries an estimated 12.4 million vehicles annually, including more than 35,000 commuters, trucks and vital goods and services each day.
Its collapse has effectively severed Maryland's main East-West connection, crippling the Port of Baltimore and disrupting businesses and jobs throughout the Baltimore-Washington corridor.
Its closure poses significant challenges for residents, businesses, and industries, with long-term implications for the regional economy.
Port of Baltimore Temporary Closure
As a major East Coast port, the Port of Baltimore plays a vital role in our economy, supporting jobs, generating income, and contributing to tax revenues. Its closure disrupts traffic of various goods, impacting supply chains and distribution centers in the region.
Overall, disrupted supply chains, limited-service availability, and increased costs will make life and business more challenging and costly, and will negatively impact the regional economy.
Impact on Community, Residents and Business
The ripple effects of the Key Bridge collapse extend beyond transportation, affecting jobs, income, and industries throughout the state. Our business community, representing diverse sectors across Maryland, faces unprecedented challenges requiring swift and decisive action.
Economy and Tax Revenue
Port activities generate approximately $3.3 billion in personal income and nearly $400 million in tax revenues annually, and current estimates indicate that the state of Maryland could lose up to $15 million a day in revenue d as shipping containers normally headed to the Port of Baltimore with goods like automobiles, sugar and steel are rerouted to rival ports in Philadelphia, New York and Norfolk, Va.
The implications this will have on the State of Maryland’s economy will be tremendous; Our economy is already considered stagnant, and our state is facing budget challenges — this tragedy could make those more severe.
Rebuilding
While rebuilding resilient infrastructure is paramount to sustaining economic growth and community well-being in the aftermath of this tragedy is critical, our priority is also to support the businesses, communities, and employees affected by this disaster.
As the leading business organization and voice of business in Maryland, we are committed to leveraging our position to lead, support, and advocate for the recovery of our communities and businesses in the aftermath of the Key Bridge collapse.
Together, we will navigate these challenges and emerge stronger and more resilient than before.
