In a feasibility study performed by TEC/PF Richardson, and delivered to the NC State Ports Authority in June of 2010, the cost for the megaport at Southport was pegged at $4.4 billion. The new NC Maritime Strategy studies projects the cost to now be a cool $6 billion. That's a $1.2 BILLION explosion in less than two years.
Whether $6 billion, $10 billion or $20 billion is spent on this project, the Post Panamax vessels still won't come. We are 20 years behind the curve and can't possibly compete with the likes of Charleston, Norfolk and Savannah. They're expanding existing infrastructure and deepening already deeper harbors. 80% of NC companies currently use competing ports in neighboring states.
Geography and economic realities can't be changed by wishing them away or by spending $6 billion on this sinking ship. It's way past the time for the Gov and NC Ports Authority to acknowledge these realities and pull the plug on this project. $48 million has already been spent. Enough is enough.
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