The Panama Canal's massive expansion project, started in 2007 to let bigger ships go through the Central American waterway, is scheduled to be completed sometime in 2015. This has spurred cities along the U.S. East Coast to undertake multimillion-dollar efforts to increase their harbor capacity and local infrastructure. In this CNBC article, Chris Davis comments on the expectations of a boom surrounding the port projects and the impact of the port improvements.
"There's no question it's a gamble to do all these port improvements," said Mr. Davis, a maritime lawyer who has lived in Panama and whose first job was to work on the Panama Canal, measuring water levels.
"But the bottom line is there is a need to expand the canal to handle the bigger ships," Mr. Davis said.
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