A $5.5 billion infrastructure project under way in Central America will have far-reaching effects on Texas, but not in the way many had originally guessed, according to a recent report commissioned by the Texas Department of Transportation.

The Panama Canal is undergoing its first expansion in more than 100 years. In early 2015, it will debut wider locks that allow for larger ships to pass through it for the first time.

Public officials and business leaders have debated for years how the expansion will impact Texas. Will it spur a boom in imports to Texas? Can the state’s ...

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