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TIGER grants to marine industry help rejuvenate U.S. economy

(Xinhua)

14:01, January 03, 2012

TAMPA, the United States, Jan. 2 (Xinhua) -- Despite the fledgling economic recovery, the U.S. marine industry companies that do business at U.S. ports, and the ports themselves, were undergoing a period of prosperity in 2011 that contributed to the regeneration of the whole economy.

While national unemployment was still uncomfortably high in 2011, numerous economic indicators showed that the U.S. economy was slowly recovering from the recession of 2008. Total sales activity for the 2011 wintertime holiday season increased as the number of people applying for federal unemployment benefits decreased when compared to one year ago.

U.S. marine industry companies, and especially U.S. ports, had a profitable 2011, largely thanks to the much-needed TIGER ( Transportation Investment Generating Economic Recovery) grants program operated by U.S. Department of Transportation.

In mid-December, U.S. Transportation Secretary Ray LaHood announced that 46 transportation projects in over 30 states and also on the island of Puerto Rico, will receive over 500 million U. S. dollars in the third stage of the TIGER grants, a program created by the American Recovery and Reinvestment Act of 2009.

The U.S. Congress had already dedicated 1.5 billion dollars for TIGER I program and 600 million dollars for TIGER II program to fund projects that have a significant impact on a region or the nation.

This was welcome news for the U.S. marine industry. "We applaud this recognition of the critical role our nation's ports play and federal support in TIGER III for seaports," said Kurt Nagel, president and CEO of the American Association of Port Authorities.

Much of this money will be given to projects to improve the moving of goods, and imports and exporting products, to and from U. S. ports. An example of such a company that would benefit from TIGER III money is Amalie Oil Company.

Located in the Port of Tampa, Amalie Oil, which employs 200 full-time employees, manufactures and markets lubricating oils. Founded in 1903 in Franklin, Pennsylvania, the company has been at its Tampa location since 1956.


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