A new study released today of the economic impact created by the Port of Seattle shows steady growth over the past 6 years. Maritime consultant John Martin of Martin Associates reported out his findings at today’s Port of Seattle Commission meeting. The presentation touched on all aspects of the port’s lines of business, aviation, seaport, and real estate.
“Our findings show that the Port of Seattle is a robust economic engine for the Puget Sound region,” said John Martin. “Having done analysis of ports across the country, and on the Port of Seattle before, I can say with confidence that there is rapid growth with Sea-Tac International Airport, great potential for the Seaport Alliance, and ongoing solid performance of the cruise business here.”
The key findings of the report include the following:
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Seattle-Tacoma International Airport-related jobs (direct, induced and indirect) stand at 171,796, up from 138,370 jobs in 2007.
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Economic impact from each home-port cruise ship in Seattle grew to $2.4 million, up from $1.9 million in prior years.
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129,744 direct jobs are generated by Port of Seattle-owned facilities. This is up from 111,317 jobs in 2007. As the result of local and regional purchases by individuals holding the direct jobs, an additional 53,148 induced jobs are supported in the region.
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$4.2 billion of direct wages and salaries were received by those 129,744 directly employed by the Port of Seattle's transportation infrastructure. As the result of re-spending this income, an additional $4.3 billion of income and consumption expenditures are created in the Seattle region, primarily King County.
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Businesses providing services at the Port-owned marine terminals and Sea-Tac International Airport, as well as real estate tenants, received $19.8 billion of revenue, up from $17.6 billion in revenue in 2007.
“The Port of Seattle is an incredible economic engine,” said Commissioner Courtney Gregoire. “Port activities added nearly 20,000 new jobs to our region's economy over the past six years, creating urgently needed opportunity at a time when our nation suffered one of the worst recessions in history. From our working waterfront to our runways, these jobs allow members of our community to earn family wages and contribute to the economic vitality of our entire region.”
Martin Associates also conducted the study for the joint economic impact statement last month on the importance of seaport cargo for the state of Washington from the ports of Seattle and Tacoma.
About the Port of Seattle
Founded in 1911, The Port owns and operates Seattle-Tacoma International Airport, four container cargo terminals, two cruise ship terminals, one grain terminal, a public cargo terminal, four public marinas, and manages a number of real estate assets for financial return and economic advantage. The port’s operations currently help create over 215,000 jobs and $4.2 billion in wages throughout the region. Over the next 23 years, the port’s “Century Agenda” seeks to create an additional 100,000 jobs through economic growth while becoming the nation’s leading green and energy-efficient port. Learn more at www.portseattle.org.
