By Mark Edward Nero
The Port of Vancouver USA is generating $2.9 billion in total annual economic value across its region via cargo handled at the port’s marine terminals and revenue generated by industrial tenants, according to a recently released economic study.
The 2015 Economic Report, which was commissioned by the port and conducted by Pennsylvania-based Martin Associates, is an update of similar studies conducted in 2000, 2005 and 2010.
It states that the current growth is an increase of more than 81 percent from the economic value generated by the port in 2010.
In addition to maritime growth, growth of non-marine tenants – port businesses that don’t rely on shipping – and maritime activity at the port increased direct jobs by 900 and spurred a $42.9 million in increase in direct personal salary income since 2010.
The impact analysis is based on a telephone survey of 302 marine and real estate tenants and firms providing services to the marine terminals and represents a 100 percent sample of port tenants, as well as the maritime community serving the Vancouver marine terminals.
The full report provides an in-depth to look at how the Port of Vancouver’s role as an economic engine helps provide jobs, tax revenue and services in its community and across the Pacific Northwest.
The study, which was given during the Vancouver Port Commission’s Dec. 8 board meeting, is also meant to help the commission and staff members plan for the future as they attract industry, foster maritime activity and invest in infrastructure that supports local workers, families and businesses.
The full document can be seen at http://www.portvanusa.com/assets/POV-Total-Impacts-2015-final-11102015.pdf.
