Despite a dip in total cargo tonnage, the Port of Redwood City ended its 2021-22 fiscal year with positive revenue growth, the agency announced Sept. 20.
The Northern California seaport generated $9.4 million in gross revenue, up 4% from the previous fiscal year. The port’s property rentals, leases and new business contributed to that growth, which amounted to an uptick of $375,000.
Meanwhile, total cargo tonnage at the port dropped 30,000 metric tons to 1.79 million metric year over year. The reduced tonnage stemmed from the ongoing effects of the COVID-19 pandemic, said port officials, adding that they’re encouraged about the coming fiscal year as the global supply chain continues to strengthen.
“Despite the reduced tonnage, the port’s revenues have remained resilient with a positive end to the fiscal year,” port Executive Director Kristine A. Zortman said. “I look forward to continuing the positive trend in the new fiscal year.”
Meanwhile, port officials said they plan to continue pursuing new business and bolstering other revenue sources through property rentals and leases, as well as continuing a push to activate the waterfront and attract new community engagement opportunities.