Port of Seattle Financial Results, Business Growth, Surge in 2004

The Port of Seattle's net operating income after depreciation in 2004 increased by 88 percent over 2003 to $52.1 million. Operating revenues increased 17 percent to $376.6 million.

"The Port saw record revenue, record passenger volume at Sea-Tac Airport and record container cargo in the Seaport in 2004. The bottom line is more jobs for people in our community," said Commissioner Paige Miller, who served as President in 2004.

"This is a vast improvement in the Port's financial performance and reflects success in reducing operating costs as well as growth in our airport and seaport businesses," said 2005 Port Commission President Bob Edwards. "The strong numbers posted by the Port in 2004 set the stage for additional growth and bode well for the regional economy."

In addition to strong financial performance the Port set records for passenger and cargo volumes at Seattle-Tacoma International Airport and along the waterfront.

Passenger volume at Sea-Tac increased 7.5 percent over 2003 to set a new record of 28.8 million passengers. Other milestones at the airport included opening of the all new Concourse A and the new Gina Marie Lindsay Arrivals Hall, completion of the new subway system two years ahead of schedule and $2 million under budget, and a court decision that removed the final obstacles to completion of a third all-weather runway. The new runway, scheduled for completion in 2008, will reduce flight delays during foggy conditions, which affect the airport about 40 percent of the time.

Seattle's Seaport moved a record 1.8 million cargo containers in 2004 - a 20 percent increase over 2003. The Port also completed a $72 million expansion of Terminal 46 and extended its lease agreement with Total Terminals International, keeping the facility in its current use for at least 10 more years and perhaps as long as 20 years. Agreement was also reached to re-open Terminal 25, which was closed in 2002, under a 15-year lease with SSA. The Port's passenger cruise business grew substantially in 2004. The number of cruise passengers grew by 62 percent to 562,000. Cruise ship calls increased 52 percent to 150.

"The growth we've seen at the airport and seaport and the beneficial effects it has on the region's economy are the direct result of investments we've made in our facilities and our transportation infrastructure," Edwards said. "It is crucial that those investments continue."

A new study of the Port's economic impacts released last year showed that Port facilities and activities support 194,462 jobs with a total payroll of $6.8 billion and generate more than $12 billion in business revenue, $1.5 billion in local purchases and $626 million in state and local tax revenue throughout the region.

"Those numbers clearly show that the Port is adding value to the region's economy," said Port of Seattle CEO Mic Dinsmore. "Our cargo and passenger volumes are expected to see solid growth in the coming years and our economic impacts will grow along with them."

"Across the board the trends are very positive," Dinsmore said. "The Port is fulfilling the mission for which it was established and is on course to help the Puget Sound region make the most of the economic opportunities before us."