Port of Vancouver USA contributes $2.9 billion in annual economic benefit to region
VANCOUVER, Wash. – The Port of Vancouver USA announced today that the economic benefit tied to the port’s marine and industrial activities increased significantly over the past four years. According to a recently completed economic impact study, the port’s record year of revenues and cargoes in 2014 contributed to a growth in both the marine business and industrial tenants and customers.
The total annual regional economic value of cargo handled at the port’s marine terminals and the revenue generated by the industrial tenants is $2.9 billion; a significant increase over the $1.6 billion of economic value generated in 2010. Between 2010 and 2014, non-marine tenants and maritime activity at the Port of Vancouver increased direct jobs by 900 with a $42.9 million increase in direct personal salary income.
“These numbers chart our course,” said Port of Vancouver CEO Todd Coleman. “It is the best way to measure how the port is delivering on our mission to create jobs and economic vitality in our region.”
The port regularly commissions economic impact studies to measure its economic influence in Clark County and the Pacific Northwest. Last conducted for 2010 impacts, the studies assist port commissioners and executives in planning the port’s future. The economic analysis is also a key component in the port’s integrated decision-making process when evaluating cargo mix and prospective tenants.
The latest study includes information on port-related jobs, salaries, business revenues and tax generation, all aimed at helping the port measure its success in delivering economic benefit to the local and regional economy.
Additional highlights of the study include:
- Total jobs associated with port activities (including direct, indirect, induced and influenced jobs) equaled 20,202, up from 16,996 in 2010.
- Of those, a total of 3,237 were directly generated by port marine and industrial activities, an increase from 2,337 in 2010.
- The 3,237 jobs directly generated by port marine and industrial activities paid $159.2 million, up from $116.3 million in 2010.
- Port business activities contributed $102.7 million in 2014 state and local taxes – an increase of 27 percent over 2010’s $80.8 million. These contributions support public services such as police and fire protection.
The study was conducted by Martin Associates, a Pennsylvania-based firm that conducts similar studies for major ports throughout the U.S. and Canada. The final report will be available on the port’s website in the coming weeks at www.portvanusa.com.
– POV –
The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a skilled labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.