Baltimore bridge collapse poses 'temporary risk' to local, state economies: Moody's
The impact of the Francis Scott Key Bridge disaster in Baltimore is «hard to comprehend» when it comes to the local economy and governments, according to tax revenue expert and CEO Niko Spyridonos.
The stunning collapse of the Francis Scott Key Bridge in Baltimore last week could pose a temporary economic threat to local and state economies, according to Moody's.
In a new analyst note, Moody's said that both Baltimore and Maryland face potential fallout as wreckage from the bridge blocks a vital shipping lane to one of the country's busiest ports.
«The collapse of the Francis Scott Key Bridge on March 26 will temporarily disrupt the transportation, logistics and warehousing economy of the City of Baltimore (Aa2 stable) and the State of Maryland (Aaa stable),» the report said. «However, a successful resumption of port activity in coming weeks, combined with substantial federal funding for an eventual bridge replacement, will reduce risk of long-term damage.»
The Port of Baltimore was the 17th largest in the country in terms of total cargo tonnage in 2021 and a top mover of cars and light trucks. In 2023, the port handled a record 52.3 million tons of international cargo – worth nearly $81 billion, according to Maryland data.
ECONOMIC IMPACT FROM BALTIMORE BRIDGE COLLAPSE WILL BE LONG-LASTING, TRADE GROUP WARNS
A crane works on clearing debris from the Francis Scott Key Bridge on March 29, 2024 in Baltimore, Maryland. (Photo by Kevin Dietsch/Getty Images / Getty Images)
The port is one of just four in the country that is equipped to handle larger cargo boats, according to Moody's.
«Replacing the 47-year-old bridge, which carried US Interstate 695, will likely require years of work, but the Port of Baltimore may resume
Read more on foxbusiness.com
