The amount is comprised of a $35m grant and a $40m loan.

“It’s a historic win for our community and the 15,000 jobs that will be created or protected by the Jacksonville Harbour Deepening Project,” JAXPORT said.

Related: Jaxport awarded additional $93m for Jackonsville channel deepening

The project to deepen the Jacksonville shipping channel to a maximum depth of 12.5m (50 ft) from its current depth of 10m (40 ft) will be completed in 2023. Upon completion of the deepening the SSA Jacksonville Container Terminal at Blount Island will feature a vessel turning basin and have the ability to simultaneously accommodate two post-Panamax vessels.

It will allow larger container ships to call JAXPORT with more cargo on board, bringing more profit to the region.

Jacksonville’s maritime labor unions have advocated for a deeper harbour for more than a decade and describe the funding as “monumental for the hardworking men and women who work in and around JAXPORT’s terminals.”

“As Northeast Florida’s economic engine, JAXPORT will continue to play a vital role in the economic recovery of our region and state,” JAXPORT ceo Eric Green said.

Earlier this year, the US federal government also allocated $93m for the next phase of deepening the Jacksonville shipping channel.