Tuesday, November 19, 2013

Maritime Economic Impact Study

Three Seattle and King County organizations have released an economic impact study on the effect of the maritime industry on the State of Washington. The Washington State Maritime Cluster Economic Impact Study sought to quantify the impact of the maritime industry in order to better understand and strengthen its contributions to the regional economy.

The study was commissioned by the Economic Development Council of Seattle and King County, the Puget Sound Regional Council and the Workforce Development Council of Seattle and King County, with input from a broad spectrum of maritime industrial businesses – including Philips Publishing Group. The study looks at the direct and indirect impacts the maritime industry has on the local and regional economy.

According to the study, Washington’s maritime cluster employed more than 57,700 people directly in the state last year, and was responsible for $15.2 billion in gross business income. Indirect and induced Maritime jobs account for another 90,000 jobs, for a total impact of 148,000 Washington jobs. The direct contribution of the industry's $15.2 billion in gross business income generates another $14.8 billion in induced and indirect output, for a total contribution effect of nearly $30 billion to Washington’s economy.

Below are some of the study’s other findings. The maritime industry paid nearly $4 billion in wages in 2012 with average salaries of $70,800. In comparison, the state’s median wage is $51,000.

Every direct job in the maritime industry supports 1.6 jobs elsewhere in the economy. And for every $1 million in sales, another 10 jobs are supported elsewhere in the economy.

Industry-wide, revenues have grown 6.4% per year on average with the largest growth rate in Maritime Logistics and Shipping, at a robust 10.2%.

Go to http://www.EDC-SeaKing.org/maritime-study to download the report.