PASADENA, MARYLAND – MARCH 26: Cargo ship The Dali is shown after running into and collapsing … [+]
The collapse of the Francis Scott Key Bridge after being struck by the container ship Dali on March 26 was devastating in the loss of life and the crippling of the Port of Baltimore. This tragedy underscores how Main Streets and communities across America are reliant on strong infrastructure. Opened in 1977, the 1.6-mile bridge crossed the lower Patapsco River, which connects the Port of Baltimore to the Chesapeake Bay and the Atlantic Ocean.
To say the collapse is severely impacting businesses outside of Maryland is an understatement. Maryland Governor Wes Moore called the collapse a “global crisis” and the economic impact of the waterway’s closure has been estimated to be $15 million per day.
In 2023, the port employed 15,000 people and indirectly supported 140,000 others, generating $2.6 billion in business revenue, $3.3 billion in wages and salaries, and $400 million in state and local tax revenue. The port also handled 444,000 passengers and 52.3 million tons of foreign cargo valued at $80 billion.
Given the sweeping impact of this catastrophe, U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman recently announced that Mid-Atlantic small businesses affected by the collapse may apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs). Businesses in the entire state of Maryland, the District of Columbia, three counties in Delaware, nine in Pennsylvania, five in Virginia, and seven in West Virginia are eligible to apply for EIDL loans. In addition, the SBA has opened two Business Recovery Centers, one in Baltimore and one in Dundalk, to assist business owners in completing their disaster loan applications, accept documents for existing applications, and to provide status on loan applications.
There also seems to be consensus on rebuilding the bridge. At a U.S. Senate Committee on Commerce, Science, and Transportation hearing on April 10, both Chair Maria Cantwell (D-WA) and Ranking Member Ted Cruz (R-TX) expressed support for the federal government taking the lead in rebuilding the bridge. In addition, the entire Maryland delegation also introduced legislation requiring the federal government to cover the costs of rebuilding it.
This tragedy also highlights the importance of the projects being funded through the Bipartisan Infrastructure Law. Through this once-in-a-generation investment improvements are currently underway on 135,800 miles of roads and 7,800 bridge repair projects, which will help reconnect communities across the country. In addition, 445 port and waterway projects are being funded to strengthen supply chains, speed up the movement of goods, and lower costs.
“There are some 40,000 infrastructure projects happening around the United States right now and more in the pipeline,” said U.S. Transportation Secretary Pete Buttigieg at an event in Pittsburgh earlier this year celebrating a grant that will prevent flooding on I-376 that locals call “the bathtub.” “Some of them are the work of a single construction season. We’ll be cutting ribbons on them by fall. Others are attending to what I call the cathedrals of our infrastructure. Efforts that will take years and create jobs during those years until they get done.”
The Francis Scott Key Bridge shows how one ship’s power failure can lhave a profound impact on the US economy. It should also be a reminder for all communities on how shoring up their infrastructure is vital to protecting their economy.