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Lisa Lefeber
Chief of Policy and Communications
425.388.0617
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Independent Martin Associates Study Finds the Port of Everett Supports 35,130 Jobs in the Region

Post Date:05/11/2015 1:00 PM

economic impact flow

Everett, Wash. – A new study of the economic impacts of the Port of Everett found that Port operations supported 35,130 regional jobs in 2014, up 133 jobs from 2012, according to an independent analysis by Pennsylvania-based Martin Associates.

The study found the Port’s Marine Cargo and Industrial Properties support 33,376 direct, indirect and induced jobs, while the Marina and Waterfront Place support 1,753 direct, indirect and induced jobs.

“The Port continues to be a significant economic generator in the region and was able to maintain its economic contribution, despite the economic recession,” said Dr. John Martin of Martin Associates. He noted that “continued investment in port infrastructure is necessary in order for the Port to sustain and grow its economic contribution.”

Port activity also contributes: 

  • $373 million in state and local taxes; $220.8 million was collected at the state level, and $152.2 million at the local level
  • $583 million in local purchases
  • Personal wages and local consumption related to the port-sector increased to $3.9 billion, with the average annual salary of those directly employed by port-related businesses equating to $86,703

In addition to regular activity, the Port of Everett has a very ambitious capital investment strategy that is designed to create additional economic opportunities and jobs for the region, Port of Everett CEO Les Reardanz said. In the next five years, the Port is expected to invest $134.2 million, $44.5 million this year alone. This construction activity will support approximately 3,300 temporary construction jobs over the next five years.

Last month, Martin Associates developed for the American Association of Port Authorities (AAPA) a new report on the economic prosperity of seaports in the U.S. and found that our nation’s seaports support 23.1 million jobs.  Additionally, the Martin Associates’ 2014 National Economic Impact of the U.S. Coastal Port System report showed:

  • Federal, state and local tax revenues generated by port-sector and importer/exporter revenues rose 51 percent to $321.1 billion since 2007; and,
  • Personal wages and local consumption related to the port-sector increased from $649 billion in 2007 to $1.1 trillion in 2014, with the average annual salary of those directly employed by port-related businesses equating to $53,723 in 2014.

“The growth in jobs and economic importance of America’s seaports reflects the fact that the value of international cargo handled at these ports increased by $400 billion since 2007, reaching about $1.8 trillion in 2014,” said Dr. Martin. “It’s important to emphasize that the key growth in our international trade was in U.S. exports, which saw a 60 percent increase in value over the past seven years.”

Dr. Martin also emphasized that the robust growth in the economic impact value from U.S. ports occurred despite the economic recession that severely hampered marine cargo activity between 2008 and 2012.

Port of Everett CEO Les Reardanz reiterated that the Martin Associates’ findings “also show how vitally important it is that investment in our ports and landside transportation infrastructure be a high priority so that the U.S. can remain a global competitor, providing these positive impacts for generations to come.”

AAPA President and CEO Kurt Nagle agreed. He said, “The fact is that while over a quarter of the U.S. economy is accounted for by port cargo activity, freight connections to our ports are crumbling, putting our economy at risk and reducing America's competitiveness in global markets." 

Click here to view full economic impact study of the Port of Everett. 

For more information, please contact Lisa Lefeber, Director of Strategic Communications and Policy, by e-mail at lisam@portofeverett.com.

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About Port of Everett
The Port of Everett serves a critical function in support of the manufacturing and construction base. The Port of Everett is a deep-water port in Washington State, and is located 25 miles north of Seattle. The Port of Everett is served by the Burlington Northern Santa Fe (BNSF) railroad and plays a vital role in support of the local aerospace industry. The Port handles 100 percent of the oversized oceangoing parts for the 747, 767, K46 Tanker and 777(X) airplane programs. As a result, Everett’s custom district was ranked first in the state with more than $22.7 billion in exports in 2013, according to the U.S. Customs and Foreign Trade Division. The Port of Everett’s major trading partners are Japan, South Korea, Russia, China and the South Pacific. Its primary imports are aerospace parts, steel, machinery, wind energy parts and bulk cement. Its major exports, includes machinery, steel, oil and gold mining equipment, aerospace containers, forest products, and other general and containerized cargoes.

About Martin Associates
Martin Associates was founded in 1986 to provide economic, market analysis, feasibility studies, economic impact assessment and strategic planning studies to the port and maritime industry.  Since its founding in 1986, Martin Associates has conducted more than 800 market, economic, planning, logistics, feasibility, and strategic planning studies for ports, terminal operators, private sector investors, national and state governments and agencies, in the United States, Canada, Europe, China, Southeast Asia, the Caribbean, and South America. Martin Associates provides consulting services to numerous global terminal operators and investment groups with respect to private sector marine terminal development, and is involved in the development of public-private partnerships (P3s) for marine terminal development, and terminal valuations and lease analysis for public ports as well as privately owned ports.

About AAPA
Founded in 1912, AAPA today is the unified and recognized voice of seaports in the Americas, representing 150 of the leading seaport authorities in the United States, Canada, Latin America and the Caribbean, and more than 250 sustaining and associate members, firms and individuals with an interest in seaports. As a critical link for access to the global marketplace, each year, Western Hemisphere seaports generate trillions of dollars of economic activity, support the employment of tens of millions of people and import and export billions of tons of cargo, including food, clothing, medicine, fuel and building materials, as well as consumer electronics and toys. The volume of cargo shipped by water is expected to dramatically increase by 2020 and the number of passengers traveling through our seaports will continue to grow. To meet these demands, the AAPA and its members are committed to keeping seaports navigable, secure and sustainable.

 

 

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