Tuesday, November 10, 2015

Study: Vancouver USA Has $3 Billion Regional Impact

By Mark Edward Nero

The total annual regional economic value of cargo handled at Port of Vancouver USA 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, according to a newly-released economic impact study.

According to the 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.

Between 2010 and 2014, non-marine tenants and maritime activity at the port increased direct jobs by 900 with a $42.9 million increase in direct personal salary income.

The study was conducted by Martin Associates, a Pennsylvania-based firm that conducts similar studies for major ports throughout the US and Canada. The port regularly commissions economic impact studies to measure its economic influence in Clark County and the Pacific Northwest. Before now, the last study was conducted in 2010.

Additional highlights of the latest 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 jobs, 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.