On Tuesday the Port of Seattle Commission approved the Port’s 2026 budget and 2026–2030 Capital Improvement Plan. This completes two months of public presentations to review budgets for the Port’s operating divisions, financials, and tax levy, including at a public hearing during a November 11 Commission meeting.
With an annual operating budget of just over $1.1 billion and a five-year capital improvement plan of $4.4 billion, the Port continues building a port for the future through its gateways, and support for economic opportunity and job creation around the region.
In 2025, the Port of Seattle catalyzed more than $39 billion in economic benefit for the region, including supporting 205,000 jobs and over $396 million in total fiscal impact through its airport, commercial fishing, trade, and cruise lines of business.
“As a port for the future, we are moving forward with major investments to meet rising demand and support economic opportunity and environmental sustainability,” said Port of Seattle Executive Director Steve Metruck. “Our focus on long-term impact — building a more competitive, resilient, and sustainable Port — ensures that we can meet the needs of today and prepare to make transformational investments for the future.”
“This budget reflects our values in action, even in the face of challenges from global and national forces,” said Port Commission President Toshiko Hasegawa. “It is a strategic investment in the people, places, and partnerships that make our Port a national leader in innovation, equity, and sustainability. It is our budget where we demonstrate our commitment to these values through our investments and resources, helping bring opportunity and impact to this region. As President of the Commission, I’m proud to approve a budget that not only meets the moment but sets the course for a stronger, more resilient future. From deepening our commitment to environmental justice in the Duwamish Valley, to expanding community engagement and funding initiatives to support our local workforce, this budget delivers on our promise to serve all who depend on the Port of Seattle. I thank my colleagues for their collaboration and the public for their continued trust.”
“This budget reflects our mission to grow economic opportunities and improve quality of life by building a resilient economy that invests in both people and the planet,” said Port Commission Vice President Ryan Calkins. “We are expanding climate initiatives like shore power and sustainable fuels in aviation and maritime, as well as building green job training and career pathways. I’m proud of our continued investments in Seattle’s industrial waterfront, SEA, and the workforce that sustains them. These are steady, strategic steps that will grow our region’s green economy to keep us competitive and sustainable for years to come.”
Next year is full of promise for the Port as demand for air travel continues to grow at Seattle-Tacoma International (SEA) Airport, while many of its Upgrade SEA capital projects wrap up ahead of the 2026 FIFA World Cup in the summer.
The Port expects 2026 to be a record year for cruises to Alaska with two new cruise brands calling Seattle home. The Port’s cruise terminals saw record demand in 2025, with nearly 300 ship calls serving 1.9 million revenue passengers. 2026 will see a new record of 330 calls at three cruise berths, each now fully equipped with plug-in shore power.
“This budget is about preparing for the future — not preserving the status quo,” said Port Commissioner Sam Cho. “As we modernize SEA Airport and invest in infrastructure that supports trade and travel, now is the time to set a clear direction for the future. In the absence of national leadership, the Port of Seattle is stepping up — advancing connectivity and partnerships across the globe, expanding opportunity for those here in our region, and prioritizing sustainability across everything we do. These investments will create jobs, strengthen our economy, and ensure that our region remains a competitive, world-class gateway for decades to come.”
“This budget strengthens the Port’s backbone, our infrastructure, our workforce, and the local jobs that keep this region moving,” said Port Commissioner Hamdi Mohamed. “At a time of global uncertainty, shifting federal policies, and major events like FIFA on the horizon, stability and strong oversight matter more than ever. That is why I am proud of the investments we are making to ensure the future of our Port, from our airport to our maritime facilities, while advancing green jobs, supporting regional partnerships, and driving economic development that keeps this region competitive for decades to come. And we are not done. We will keep pushing for a Port that delivers real opportunity, real accountability, and real results for the people we serve.”
Said Port Commissioner Fred Felleman, “The Port’s 2026 budget reflects our commitment to environmental stewardship on land, sea, and air. Our investments in shore power, alternative fuels for shipping and air travel, habitat cleanup, and restoration benefit the environment, climate, and near-port communities. These significant efforts position the Port to be more competitive as industries seek ways to reduce their environmental impacts. In so doing, the Port will continue delivering good paying jobs and durable economic growth for Seattle and the Pacific Northwest region for future generations.”
Maritime occupancy remains high, between the North Pacific Fishing Fleet headquartered at Fishermen’s Terminal and the Port’s four recreational boating facilities. Despite the strong outlook, uncertainty and fluctuations in tariffs, climate, and visitor policies are likely to remain.
Looking forward, the Port is also focused on the State Environmental Policy Act (SEPA) review of the airport’s master plan; its 32 near-term projects include a proposed second passenger terminal with 19 new gates. The SEPA review process will see multiple opportunities for public engagement in 2026.
2026 Operating Budget Summary
- Total operating revenues: $1.16 billion; $39.3 million or 3.5% above the 2025 budget
- Total operating expenses: $731.1 million; $52.9 million or 7.8% above the 2025 budget
- Net operating income before depreciation and non-operating expenses: $427.8 million; $13.6 million or 3.1% below the 2025 budget
2026–2030 Capital Improvement Plan Summary
Capital spending continues to be the largest spending category for the Port, and it is expected to continue to reach historic highs as the Port makes strategic capital investments to position its gateways for the future.
- The total five-year Capital Improvement Program is $4.4 billion; total capital budget for 2026 is $933 million.
- Aviation Division 2026–2030 capital plan is $3.75 billion, with $847 million in spending expected in 2026.
- Maritime Division 2026–2030 capital plan is $737 million, an average of over $147 million per year on maritime and economic development projects. In addition, the Port will spend $210 million for its share of Northwest Seaport Alliance investments.
Property Tax Levy
Each year the Commission reviews and approves the amount of and expected uses of the tax levy. In 2025, the median King County homeowner paid approximately $85 to the Port in property tax levy. Just 1.1% of the King County homeowner assessment goes to the Port of Seattle; it does not fund airport operations.
For 2026, the preliminary levy will be $90.2 million, but the anticipated cost to homeowners will remain at an average of $85 per homeowner, the same as it was in 2025. Key projects and initiatives the proposed increase will help fund include:
- Capital investments in Seattle’s working waterfront and maritime industries.
- Contribution to the Seattle Aquarium and Friends of Waterfront Seattle to support programming and expanded facilities along the waterfront.
- Sound insulation repair and replacement for near-airport communities.
- Economic development partnership grants and workforce development initiatives.
- The South King County, Duwamish Valley Community Equity Program, support for the Office of Equity, Diversity and Inclusion, and the Port’s high school internship program.
More information on the Port of Seattle’s 2026 budget, including budget presentations and the budget in brief, can be found on the Port’s website.
Contact
Katherine Fountain | Senior Media Officer
(206) 787-3071 | [email protected]
