A new report by Martin and Associates commissioned by the Port of Seattle offers fresh insights into the economic footprint by both the seaport and Seattle-Tacoma International Airport. The report surveyed more than 1,000 port tenants and service providers.
Among the highlights:
- Direct, induced and indirect jobs at the airport increased to 171,796 last year from 138,370 in 2007. “Indirect” jobs come from firms along the port supply chains, vendors and real estate, while “induced” are jobs supported by the purchases by those with direct jobs.
- Port-owned facilities were responsible for 129,744 direct jobs vs 111,317 in 2007.
- The impact from each home-port cruise ship increased to $2.4 million, up from $1.9 million. (In 2014, 169 vessels made homeport calls).
- Local businesses received $915 million in revenue from purchases of the fishing fleet.
- Tonnage moving through port terminals fell by 6.1 million short tons from 2007 to 2013. This consists of not only container traffic lost to the Port of Tacoma with the move of the Grand Alliance and Hamburg Sud lines, but also a decline in grain shipments. (The two ports have agreed on a seaport alliance instead of the cannibalization of the past).
- As a result, direct jobs in this area fell by 3,526 and business revenue dropped by $1.2 billion.
- Even so, last year the seaport handled 18.1 million short tons of cargo.
Today’s Econ Haiku:
The Saudis go low
Drive frackers out of the game
Putin or shut up