Belfast Harbour handles goods and freight valued at £26.7bn each year, enabling more than 15% of Northern Ireland’s total economic output – around £8.8bn in GVA annually, through trade activity alone – according to new research published today.
The report, Belfast Harbour: An Economic Driver for the Region, was commissioned by Belfast Harbour and produced by the Ulster University Economic Policy Centre (UUEPC) and Grant Thornton.
The research analysed activity in the port in 2023 and found that three-quarters of the 24 million tonnes of trade handled by Belfast Harbour that year, was goods-related, accounting for over 67% of all goods moved through NI ports. This includes raw materials, components and equipment that are essential to the competitiveness and resilience of the region’s key industries such as agri-food, construction and manufacturing.
This trade activity is estimated to support £8.8bn in total Gross Value Added (GVA) to the regional economy and equates to 15.7% of NI’s total economic output, supporting over 155,000 jobs, or 16.7% of all jobs in the region and 43.4% of the jobs in trade intensive sectors.
UUEPC also noted that the Belfast Harbour Estate has evolved to become a key business, residential, tourism, leisure and retail destination, as home to Spirit Aerosystems, Harland & Wolff, Catalyst, Titanic Belfast, Citi and Belfast Metropolitan College, among others. The 760 businesses within the estate’s footprint support over 20,000 jobs and contribute a further £1.8bn worth of GVA to the local economy.
Looking ahead, the report said the £313m in capital investments being made as part of Belfast Harbour’s current five-year strategy 2025-29, ‘Advance Regional Prosperity’ will generate £117.5m in GVA and support 850 construction jobs, reinforcing Belfast Harbour’s commitment to regional growth.
Dr Theresa Donaldson, Chair of Belfast Harbour, said: “The report clearly validates the significant contribution Belfast Harbour already makes to the NI economy and provides important context for our upcoming 2050 Masterplan, our long-term blueprint to advance regional prosperity.
“As a Trust Port, we reinvest all our profits, enabling £374 million of self-funded investment over the last decade. We firmly believe our impact extends far beyond the port, and we are committed to delivering even more for people here.
“Our ambitious plans for further transformational investments rely on the reclassification of our accounting status, a process to enable this is currently awaiting approval from the NI Executive.
“With this change, we can retain our Trust Port status while increasing our borrowing capacity to prudently grow our investments. This will inject much-needed capital into the economy without drawing on public funds, allowing us to continue providing world-class facilities and fostering growth in partnership with our customers, tenants, and community.”
Joe O’Neill, CEO of Belfast Harbour, said: “Belfast Harbour is on track to continue our recent growth trajectory in the next decade as a result of our extensive trade portfolio, our strongly diversified business and our expert, passionate team who go above and beyond to deliver for our customers.
“We recognise the vital role we play in the local economy, which is highlighted in this analysis, and remain committed to providing the capacity and services needed to support trade to and from NI.
“While we are understandably proud of these figures, Belfast Harbour is not resting on its laurels. Our 2050 Masterplan, which launches for public consultation this month, will mark the next step in Belfast Harbour’s evolution and enable us to have an even greater impact on the city and region.”
Kailash Chada, President of NI Chamber of Commerce, said: “This report highlights the critical role that Belfast Harbour plays in facilitating the trade that so many of Northern Ireland’s leading businesses are reliant on, as well as the significant impact that those companies based on the Harbour Estate have on our economy.
“As we collectively seek to make NI a leader in global commerce by embracing our competitive advantages and getting behind high-growth sectors, it is clear that Belfast Harbour will play an important role in the region’s future success.”
Gareth Hetherington, Director of UUEPC, said: “Belfast Harbour remains a critical economic engine, driving employment, supporting infrastructure, enabling trade and tourism and delivering long term value to the regional and national economy.
“Our review focused on five key areas: the economic activity generated by Belfast Harbour, the contribution Belfast Harbour’s capital investment provides to the construction sector, the value of trade flowing through the port, the effect of cruise tourism, and the broader economic output of the Belfast Harbour Estate – providing a rounded picture of how Belfast Harbour supports jobs, wages and economic activity across the region.
“The findings highlight that not only is Belfast Harbour a significant economic contributor, but also that its continued success will drive wider economic success within the region.”
The full report is available here.