The Port of Houston Authority announced its approved 2016 budget Tuesday, expecting a 2 percent rise in revenue despite a projected 11.8 percent drop in steel shipments for next year.
According to a statement from the port, steel shipments remained higher than average in the beginning of 2015, but full-year results are expected to reflect a 17.6 percent drop compared to 2014. Port officials said that steel is “just returning to normal levels after oil and gas projects prompted more steel shipments in the last two years.”
Additionally, the port expects container trade to keep rising, with 2.7 percent more container shipments projected for 2016. As of September, container traffic was up 12 percent from the same nine-month period of 2014.
The Port Authority said it will spend $314 million in 2016 on improvement projects, such as upgrades to its container terminals, replacing equipment and initiatives to bring more business to the port. More than $119 million will go to updates at the Bayport container terminal, and more than $73 million to Barbours Cut.