[Congressional Record (Bound Edition), Volume 153 (2007), Part 4]
[Extensions of Remarks]
[Pages 5232-5233]
[From the U.S. Government Publishing Office, www.gpo.gov]




 THE PORT OF GALVESTON: A SOURCE OF ECONOMIC GROWTH FOR TEXAS AND THE 
                                 NATION

                                 ______
                                 

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                        Thursday, March 1, 2007

  Mr. PAUL. Madam Speaker, in recognition of the benefits the Port of 
Galveston provides to Galveston, and the Nation, the Galveston Chamber 
of Commerce will honor the port on March 7. I am pleased to join my 
friends from the Galveston Chamber of Commerce in paying tribute to the 
Port of Galveston.
  For the past 5 years, the Port of Galveston has been undergoing major 
transformations. In fact, port officials believe there have been more 
changes at the port during this period than in any other 5 years in the 
port's history. As a result of these changes, in the 2006 fiscal year 
the Port of Galveston had its highest gross operating revenue in 23 
years.
  The cruise industry is the largest source of port-related economic 
growth for both the city of Galveston and the State of Texas. In 2006, 
the Galveston-based cruise business helped support 13,272 cruise 
industry jobs in Texas that paid more than $599 million in wages. 
Approximately 46 percent of the industry's direct expenditures were 
based in tourism-related businesses like travel agencies, airlines, 
hotels, restaurants, and ground transportation providers. Other Texas 
industries that benefit from the cruise business's expansion are 
petroleum refining, communications and navigation equipment, and 
engines and power transmission equipment manufacturing.
  The increase in cruise-related income has presented the Port of 
Galveston with the challenge of ensuring the port is capable of 
continuing to meet the needs of the cruise business. The Port of 
Galveston's management is committed to ensuring the port continues to 
grow and change to meet the demands of the port's expanding cruise and 
other businesses. Since 2000, approximately $45 million has been 
invested in the port's cruise facilities. It is expected that revenues 
from cruise operations will give the port an opportunity to move 
forward and leverage earlier financing to provide for additional 
maintenance, repair, and capital construction in the port.
  Madam Speaker, the Port of Galveston's contribution to the Texas and 
United States economies is by no means limited to the cruise business. 
The port also plays a vital role in the global economy by facilitating 
trade with Mexico, Guatemala, Panama, Germany, China, Israel, Italy, 
and other countries.
  In conclusion, Madam Speaker, I am pleased to join the Galveston 
Chamber of Commerce in honoring the management of the Port of Galveston 
for all of their contributions to the economies of Galveston, Texas, 
and the world.

[[Page 5233]]



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