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Jon Talton

Analysis and commentary on economic news, trends and issues, with an emphasis on Seattle and the Northwest.

March 13, 2013 at 1:11 PM

Airport helps Port of Seattle increase revenue

The Port of Seattle reported net operating income of over $223 million for 2012, up 3.7 percent from the previous year and 8 percent higher than budgeted. Much of the credit goes to Seattle-Tacoma International Airport which served a record 33 million passengers. Cruise ship visits also hit a record, at 202.

“In the port’s Century Agenda, we’re focused on leveraging this financial strength into more jobs for our community – 100,000 new jobs,” Commission President Tom Albro said in a prepared statement. “Our mission is to create economic opportunity for all. We want to leave a better port for future generations.”

The seaport saw an 8.1 percent decline in container volume (to 1.86 million TEUs) compared with 2011, while Tacoma enjoyed a 15.8 percent increase.

Seattle has yet to fully feel the loss of the Grand Alliance and Hamburg Sud shipping lines, which are moving to Tacoma. Meanwhile, the port invested $118 million in infrastructure in 2012. The largest new facility to open was the port’s LEED Silver certified rental car facility. The port collected $73 million through the King County property tax levy, the same level as the previous year.

You can download the entire report here.

And Don’t Miss: The sequester is going to devastate U.S. scientific research for decades | The Atlantic

Today’s Econ Haiku:

Mary Jo sailed through

She’s in the yacht club, you know

Investors get sunk

 

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