New Port Numbers & Notes

The Feb trade numbers were just released. Imports up 33.8% over 2008, exports up 32.7%. Bottom has been reached, worst is over in terms of the single largest driver for industrial real estate demand here in Southern California.

Exports, again with the exports. You are going to be hearing me beating this drum for the next year or so. Careers have been made of worse stuff.

Exports currently account for 29% of all port activity, if it breaks 30% next month, like I think it will, this will be the first time since 1997 that exports were this high.

From 1998 - 2009 the greatest export at LA / LB has been ....

Empty Containers!

Yes, that is right, we shipped more empty containers back to Asia than actual job producing things. In the 4th quarter of last year, the 12 month moving average shifted in favor of actual exports over empties.

To put this 29% export number into context:
Houston has 57% exports
Savannah has 48% exports
Norfolk has 49% exports

These are also the ports that have been gaining market share, no small coincidence.