Thursday, October 27, 2011

Port of Vancouver USA Regional Economic Impact Increases

Overall job numbers tied to Port of Vancouver USA activities have increased slightly over the past five years despite the global economic meltdown and recession, according to a recently completed economic impact study.

Commissioned by the port and conducted by Pennsylvania-based Martin Associates, the study detailed that job growth linked to an increase in the port’s marine business made up for a slight decrease in jobs associated with the port’s industrial tenants and customers.

The study, which is conducted by the port every five years, found that the total number of jobs directly generated by port marine and industrial activities in 2010 was 2,337; a slight gain over 2,268 direct jobs in 2005.

Strong marine cargo growth in exported wheat, scrap metal and mineral exports, combined with increased wind energy imports, added 290 direct jobs related to the port’s marine business.

On the down side and more reflective of the recession, the industrial side of port operations lost 221 direct jobs.

“The Port of Vancouver’s growth in marine cargo and the resulting job creation is unusual in today’s economy,” the study's lead economist John Martin said. “It not only benefits the port, but the entire Southwest Washington community.”

Last conducted in 2006 and based on 2005 numbers, the current 2011 study based on 2010 data will be used by port commissioners and executives in planning the port’s future. According to port officials, the economic analysis is also a key component in the port’s integrated decision making process when evaluating cargo mix and prospective tenants.

Additional highlights of the study include:
  • Total jobs associated with port activities (including direct, indirect, induced and influenced jobs) equaled 16,996 in 2010; up from 15,580 in 2005.
  • The 2,337 jobs directly generated by port marine and industrial activities paid $116.3 million in wages and salaries in 2010, up from $98.75 million in 2005.
  • Port business activities contributed $80.8 million in state and local taxes in 2010, a number consistent with the 2005 data.
  • Port business activities injected $1.664 billion into Southwest Washington in 2010, a slight decrease from $1.693 billion in 2005.