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THE ECONOMIC IMPACT OF THE PORT OF SEATTLE, 2013 A PRESENTATION TO: Port of Seattle Prepared by: Martin Associates www.martinassoc.net 941 Wheatland Ave., Suite 203 Lancaster, PA 17603 November 4, 2014 Purpose Measure the economic impact of the Port of Seattle: - Seattle Seaport: - Marine Cargo - Waterborne Passenger Activity - Fishermen's Terminal/Fishing Vessels Homeporting at POS Terminals - Marina Impacts - Non-Marine Cargo Real Estate Tenants - Sea-Tac International Airport 2 Purpose Measure the baseline impacts by operating unit Develop impact models that can be used for sensitivity analysis Compare the impacts with the 2007 impact study Same methodology used by Martin Associates on our POS Impact Studies: 1987,1993,1999, 2003 and 2007 3 Flow of Economic Impacts Port of Seattle Value of Activity Imports/Exports Business Revenue Related User Output Payroll Retained Earnings, Local Purchases Related User Dividends & Investments Personal Income Direct Jobs Re-spending Induced Indirect Jobs Related User Jobs Jobs Taxes 4 Impacts Created by Port Activity Jobs: - Direct - Induced - Indirect Wages/salaries: - Direct - Re-spending - Indirect Business revenue Local Purchases Taxes 5 Methodology Interviews with 1,067 Port tenants and service providers Formulation of direct impact models from interview data Development of Seattle induced and indirect job models In-terminal passenger survey (1,400 passengers) Cruise passenger survey (600 passengers and crew) 6 Port of Seattle Economic Impacts 2013 Direct Jobs: 129,744 216,271 jobs generated by Port Induced Jobs: 53,148 activity Indirect Jobs: 33,379 $16.2 billion Sea-Tac revenue $19.8 billion of business revenue $3.2 billion seaport activity marine cargo, fishing, cruise, recreational boating revenue $0.4 billion non-maritime/airport real estate revenue $4.2 billion direct wage and salary income $9.6 billion personal income and $4.3 billion re-spending and local consumption local consumption $1.1 billion indirect income $545.8 million state $0.9 billion of state and local taxes $348.6 million local *Totals may not add due to rounding 7 Sphere of Influence of Port of Seattle in the State of Washington 2013 216,271 direct, induced, indirect 511,620 total influenced 175,664 with importers/exporters using the POS jobs in the State marine terminals 119,685 with air cargo shippers using Sea-Tac $19.8 billion direct business revenue $88.1 billion economic $45.6 billion economic value to users of the POS value to the State marine cargo terminals $22.7 billion economic value to air cargo users of Sea- Tac *Totals may not add due to rounding 8 Distribution of Total Direct, Induced and Indirect Jobs by Line of Business TOTAL JOBS 16,089 323 3,635 23,409 Marine Cargo 1,831 Fishing 31,980 Marinas 139,004 Cruise Real Estate Airport On-site Airport Visitor 9 Impacts of Sea-Tac International Airport 10 Airport Impacts 11 Economic Impact of Sea-Tac Direct Jobs: 18,353 airport generated, 91,571 visitors 171,796 jobs generated by activity Induced Jobs: 8,349 airport generated, 30,109 visitors at Sea-Tac Indirect Jobs:6,090 airport generated, 17,325 visitors $8.0 billion airport direct business revenue $16.4 billion of business revenue $8.4 billion visitors industry revenue Includes $1.3 billion local purchases $2.9 billion direct wage and salary income $6.1 billion personal income and $2.5 billion re-spending and local consumption local consumption $0.7 billion indirect income $0.6 billion of state/ local taxes $344.9 million state $220.3 million local $0.5 billion aviation taxes $547.2 million federal aviation taxes *Totals may not add due to rounding 12 Distribution of Direct Jobs by Category, 2013 Job Category Direct Jobs Airline/Airport Services Sector Passenger Airlines 7,933 Catering 635 Skycaps 770 Government Agencies 1,305 Airport Administration 1,473 Retail Concessions 1,456 General Aviation/FBO's 1,305 Custodial 156 Parking 175 Subtotal 15,206 Freight Transportation Sector Freight Airlines/Couriers 702 Freight Forwarders 145 Subtotal 847 Passenger Ground Transporation Sector Rental Cars 727 Cabs/Buses/Limos/Vans 927 Construction/Consulting 646 Total 18,353 13 Distribution of Direct Jobs by Type of Activity, 2013 14 9 Million Visitors Used Sea-Tac International Airport in 2013 15 Distribution of Local Visitors' Purchases - $8.4 Billion 900 passenger survey 16 Distribution of 91,571 Direct Visitor Industry Jobs 900 passenger survey 17 Seaport Impacts 18 Seaport Economic Impacts INDIRECT: Direct Goods/Services M&R Impacts Equipment Utilities INDUCED: Marine Cargo Fuel Food Cruise Insurance Shelter Transportation Fishing Medical Marinas Retail Apparel 19 Marine Cargo Impacts 20 Port of Seattle Marine Cargo Economic Impacts 2013 Direct Jobs: 8,902 23,409 jobs generated by marine Induced Jobs: 8,644 cargo activity Indirect Jobs: 5,863 $1.8 billion of business revenue Direct Business revenue Includes $581.1 million local purchases $527.2 million direct wage and salary income $2.0 billion personal income and $1,158.9 million re-spending and local consumption local consumption $289.2 million indirect income $112.1 million state $0.2 billion of state and local taxes $71.6 million local *Totals may not add due to rounding 21 Distribution of Direct Jobs by Category, POS 2013 Direct Jobs Port of Seattle Total Surface Transportation Rail 864 Truck 1,579 Maritime Services Terminal Employees 678 ILWU/Dockworkers 912 Towing 162 Pilots 18 Agents 90 Surveyors/Chandlers/Misc.Services 326 Forwarders 274 Warehouse 1,039 Government 1,219 Shipyards/Ship Repair/Marine Construction 1,301 Barge/Bunker 352 Port of Seattle 88 Totals 8,902 *Totals may not add due to rounding 22 Distribution of Direct Jobs by Commodity, POS 2013 Port of Seattle 1,000 Short Jobs per Commodity Jobs Tons 1,000 Tons Containerized Cargo International 3,436 8,955 0.38 Domestic 1,925 5,151 0.37 Grain 88 1,490 0.06 Break Bulk 43 32 1.35 Petroleum 78 869 0.09 Other Dry Bulk 393 1,585 0.25 Other Liquid Bulk 14 53 0.27 Not Allocated 2,924 Total 8,902 18,136 *Totals may not add due to rounding 23 Commercial Fishing at POS Facilities 24 Commercial Fishing Methodology Inventory of vessels moored at each facility, by type, provided by POS: - Fishermen's Terminal - Terminal 91 - Maritime Industrial Center Interviews with tenants (suppliers, boat yards, restaurants, retail, brokers, insurance, lawyers) Jobs to sales ratios and salaries developed from survey of suppliers, ship/boat yards, haul-out services, banking/insurance, equipment M&R Combined with total expenditures, by type, at each terminal 25 Port of Seattle Commercial Fishing Economic Impacts 2013 Direct Jobs: 8,253 16,089 jobs generated by Induced Jobs: 4,735 commercial fishing at POS facilities Indirect Jobs: 3,102 $0.9 billion of business revenue Direct business revenue, excluding value of catch Includes $244.8 million local purchases $674.8 million direct wage and salary income $1.3 billion personal income and $483.0 million re-spending and local consumption local consumption $156.2 million indirect income $73.0 million state $0.1 billion of state and local taxes $46.6 million local *Totals may not add due to rounding 26 Direct Job Distribution - Fishing 1,516 2,064 4,673 Crew Support Upland Tenants 27 Recreational Boating at POS Facilities 28 Methodology for Recreational Boating Inventory of boats, by size and type at each POS marina, moored and transient: - Shilshole - Bell Harbor - Fishermen's Terminal - Harbor Island Interviews with tenants (yacht clubs, schools, restaurants, retail, etc.) Development of typical annual expenditures by type and for transient Development of jobs to sales ratios, revenue and income for suppliers of services from surveys 29 Port of Seattle Recreational Boating Economic Impacts 2013 Direct Jobs: 140 323 jobs generated by recreational Induced Jobs: 94 boating Indirect Jobs: 89 $21.6 million of business revenue Direct business revenue Includes $7.5 million local purchases $5.0 million direct wage and salary income $19.3 million personal income and $10.7 million re-spending and local consumption local consumption $3.6 million indirect income $1.1 million state $1.8 million of state and local taxes $0.7 million local *Totals may not add due to rounding 30 Cruise Operations at the Port of Seattle 31 Cruise Impact Model Number of vessel calls Size of vessel Type and length of cruise: - Homeport vs. Port of call Passenger levels Passenger characteristics: - Local purchases - Local residents vs. out-of-town - Pre and post cruise behavior 32 Cruise Methodology Two sectors of the economy impacted: - Maritime Sector: - Services provided to vessels - Interviews with cruise operators: - Princess Cruises - Holland America Line - Norwegian Cruise Line - Visitors Industry Sector: - Services provided to passengers: - 600 passenger and crew surveys - Crew survey - Consistent with Martin Associates' Seattle-Tacoma model 33 Economic Impact of 800,000 Passengers, 169 Homeport Calls, 6 Ports of Call, 3 Day Sails Direct Jobs: 1,741 3,404 jobs generated by cruise Induced Jobs: 852 activity Indirect Jobs: 812 $407.8 million of business revenue Direct business revenue, excludes price of cruise Includes $40.7 million local purchases $70.0 million direct wage and salary income $176.2 million personal income $83.9 million re-spending and local consumption and local consumption $22.3 million indirect income $16.1 million of state and local $9.8 million state taxes $6.3 million local *Totals may not add due to rounding 34 Economic Impact of Harbor Cruises, 2013 Direct Jobs: 122 231 jobs generated by harbor Induced Jobs: 52 cruises Indirect Jobs: 57 $18.3 million of business revenue Direct business revenue Includes $6.8 million local purchases $5.3 million direct wage and salary income $12.5 million personal income and $4.0 million re-spending and local consumption local consumption $3.1 million indirect income $.73 million state $1.2 million of state and local taxes $.47 million local *Totals may not add due to rounding 35 Non-Maritime/Aviation Real Estate 36 Real Estate Methodology Consists of Port of Seattle Seaport tenants that are not included in cargo, fishing, recreational boating, or cruise analysis Based on a survey of 106 tenants not included in other types of seaport or airport activity Development of sensitivity model to assess future land uses Additive with other seaport types of business 37 Economic Impact of Real Estate, 2013 Direct Jobs: 1,044 1,831 jobs generated by real estate Induced Jobs: 486 tenants Indirect Jobs: 300 $434.9 million of business revenue Direct business revenue Includes $48.0 million local purchases $54.5 million direct wage and salary income $118.3 million personal income $41.3 million re-spending and local consumption and local consumption $22.4 million indirect income $11.0 million of state and local $6.7 million state taxes $4.3 million local *Totals may not add due to rounding 38 Direct Jobs by Type of Real Estate Tenant Activity 39 Changes in Impacts Since 2007 40 Structural Changes Personal Earnings Multiplier: - Increased savings rate since recession, lower income multiplier - Results in lower induced jobs and re-spending impact Growth in overall U.S. productivity-- more output per job - Overall jobs to sales ratios have fallen for indirect jobs - Results in lower indirect and induced jobs per dollar of expenditure 41 Key Operational Changes From 2007 Sea-Tac: - Growth in passenger activity: - 31.3 million in 2007 - 34.8 million in 2013 - International passengers grew from 2.2 to 3.6 million - Growth in visitors using Sea-Tac: - 7.6 million in 2007 - 9.0 million in 2013 Seaport Activity: - Marine cargo declined by more than 6 million tons - International containers - Grain - Fishing vessels at POS facilities increased from 311-591 vessels - Cruise ship calls fell from 187 to 178 calls, passenger levels constant - Recreational boats at POS marinas increased from 1,579 to 1,777 Real Estate Tenants Declined 42 Changes Since 2007 2013 2007 Change Jobs Direct 129,744 113,317 16,427 Induced 53,148 62,128 -8,980 Indirect 33,379 20,540 12,839 Total Jobs 216,271 195,986 20,285 Personal Income (millions) Direct $4,179 $3,762 $418 Re-spending and Local Consumption $4,319 $5,066 -$748 Indirect $1,126 $700 $426 Total $9,624 $9,528 $96 Business Revenue (millions) $19,813 $17,559 $2,254 Local Purchases (millions) $2,268 $1,439 $829 State and Local Taxes (millions) $894 $867 $27 Totals may not add due to rounding 43 Operational Changes Sea-Tac Growth in passenger activity: - 31.3 million in 2007 - 34.8 million in 2013 - International passengers grew from 2.2 to 3.6 million Growth in visitors using Sea-Tac: - 7.6 million in 2007 - 9.0 million in 2013 Air cargo fell: - 319,013 tons in 2007 - 292,709 tons in 2013 Reduced construction expenditures as airport projects completed 44 Comparison of Sea-Tac Economic Impacts (On-Site) Totals may not add due to rounding 45 Comparison of Direct On-Site Jobs by Category Totals may not add due to rounding 46 Comparison of Sea-Tac Economic Impacts (Visitor Industry) Totals may not add due to rounding 47 Changes in Seaport Cargo Tonnage Totals may not add due to rounding 48 Changes in POS Cargo Driven Impacts Totals may not add due to rounding 49 Changes in Direct Jobs by Commodity Type Totals may not add due to rounding 50 Changes in Cruise Industry Impacts Decline in number of cruise calls: - 187 calls in 2008 - 178 calls in 2014 Passengers remain nearly the same 800,000 Vessels are larger 51 Comparison of POS Cruise Activity Totals may not add due to rounding 52 Changes in Fishing Impacts Growth in fishing fleet at POS facilities: - 311 ships in 2007 - 591 ships in 2013 Growth in factory trawlers and processors: - 37 vessels in 2007 - 43 vessels in 2013 Decline in income multiplier since 2007 induced jobs and re-spending impact declined 53 Comparison of POS Fishing Impacts Totals may not add due to rounding 54 Changes in Marina Impacts Increase in vessels moored at POS marinas since 2007: - 1,579 in 2007 - 1,777 in 2013 Decline in income multipliers 55 Comparison of POS Marina Activity Totals may not add due to rounding 56 THANK YOU! 57
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