Port of Seattle economic-impact study shows significant job and revenue growth

The Port of Seattle's Seaport supported 34,501 jobs in 2003, produced $2.1 billion in wages and salaries, and $2.4 billion in revenue, according to a new study of the Port's economic impact.

The figures indicate significant growth over 1999, the last time a similar study was conducted.

"This study gives a real picture of the Seaport's impact on the regional economy," said Commission President Paige Miller. "It's good news that Seaport businesses are growing and adding jobs. The Port's investments in shipping, fishing, recreational boating and cruise terminals are keeping the maritime industry strong and competitive."

"These industries have served our community through thick and thin," said Port CEO M.R. Dinsmore. "While they are subject to the same ups and downs in the economy as other businesses, maritime industries have continued to help support our local and regional economy even in tough times."

The impacts are detailed in a draft report by Martin Associates, of Lancaster, PA., a national consulting firm. The draft, which will be made public today at a meeting of the Seattle Port Commission, is a first part of a five-year update of the Port's economic impact. A similar study on the impact of Seattle-Tacoma International Airport will be published in October.

The study measures the impact of maritime cargo operations, the cruise industry, fishing, recreational boating and the seaport's real estate portfolio. It considers direct impact, or jobs and wages produced directly by the Port's operations, as well as induced impact, or the jobs and economic activity than can be attributed to purchases by those holding direct jobs. Finally, the draft also includes indirect jobs and impacts - or those attributable to purchases by firms that are directly dependent on the Seaport.

The 34,501 jobs include17,927 jobs directly attributable to Seaport activity, 11,198 "induced" jobs that are attributable to purchases by those holding direct jobs, and 5,376 "indirect" jobs generated in the local economy.

Seaport activity produced $2.1 billion in wages and salaries, including $972.3 million in direct wages and salaries, $954.1 million in payroll generated by induced consumption and $204 million in indirect income.

The Seaport also produced $2.4 billion in business revenue, $431.3 million in local purchases, $210.8 million in state and local taxes, and $87.7 million in revenue to the Port of Seattle.

According to the study, the Seaport supports about 8,000 more jobs than in 1999 and provides an additional $800 million in wages and salaries.

Most jobs and revenue are produced by cargo activities, followed by fishing and the cruise industry.

Changes that had an impact on the results of this study include closing of Port of Seattle auto and warehouse operations and reduced imports of petroleum, along with growth in cruise operations.

A new methodology gives a more accurate view of the jobs and economic activity generated by fishing and recreational boating industries. Unlike in 1999, this study focuses only on Port of Seattle facilities and not on other privately operated facilities in the Seattle harbor area.