Port Houston Dredging Contracts Awarded, Kindles More Industrial RE Growth
Two contracts totaling $429 million for the dredging of the Houston ship channel should have a domino effect on the Houston industrial real estate market. A recent CBRE report says the Houston industrial real estate market grew 11% last year, the sharpest increase in the country. Port Chairman Ric Campo says the contract should keep the momentum going, “It’s really exciting for Houston, and our entire region, for the people who rely on the ship channel for their livelihoods and all the essential goods and imports and exports that go out to sea.”
The contracts are part of Project 11, a $1.1 billion expansion of the channel announced last month. The expansion of the channel is expected to accommodate an additional 1,400 vessels which will have an anticipated economic impact of over $130 billion, annually.
The new dredging project is expected to be completed in 2025. Houston is the 6th busiest port in the world.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.