Joint Impact Presentation
Joint Study Session Preview September 30, 2014 1 Contents 1. Why a Joint Study 2. The Ports' Role in the Regional Economy 3. External Threats & Opportunities 2 1. Why a Joint Study 3 Section Overview 1. What's in and what's out of the Joint Study 2. Joint comparative advantages 3. Together, a globally ranked PNW Gateway 4 Why a Joint Study Separate studies cannot be added together results in double-counting due to methodology constraints 5 What's In the Study Business Lines Both ports serve Marine Cargo among other lines of business. In Marine Cargo, they share interests, compete, and collaborate to serve the regional economy. 6 What's In the Study Marine Cargo 7 Why a Joint Study Together, the Ports > Are a Gateway through the Pacific Northwest for exports and imports > Share waterways, roads and railways to distribute goods and thereby drive regional infrastructure investments > Influence major sectors of Washington's economy, including Manufacturing, Warehousing, Transport & others 8 Joint Gateway Comparative Advantages Joint expertise, a combined strong efficient labor force and managerial experience Efficient modes of infrastructure including: Marine Infrastructure Rail Facilities Trucking Storage and Warehousing Capability of handling a diverse spectrum of cargo, including goods, grains, minerals and more 9 Ports are gateways for exports & imports with shared waterways, roads & railways to distribute goods. 10 The Ports' Maritime Activity Together, the Ports of Tacoma and Top GATEWAYS by TEUs, 2013 Seattle rank 3rd among North Rank Port TEUs American Gateways by total TEUs. 1 LA/Long Beach 14,599,145 2 NY/NJ 5,467,345 Apart, the Ports ranked 9th 3 Seattle & Tacoma 3,461,672 and 12th. (2013) 4 Savannah 3,034,010 5 Vancouver 2,825,475 Source: Association of American Port Authorities, 2014. Twenty-foot Equivalent Unit (TEU) = Standard unit for describing a ship's cargo carrying capacity 36.1 million short tons of cargo moved through the two ports (2013) 21.2 million short tons were international containerized cargo (2013) 11 2. The Ports' Role in the Regional Economy 12 Section Overview 1. The Role of Ports in our Economy 2. Methodology of impacts overview 3. Breakout of the types of impacts regionally 4. Fiscal impacts of Marine Cargo on State & Local governments 13 Role of Ports in Our Economy Ports are critical infrastructure to facilitate trade, including both imports and exports Exports are important because they grow regional and national economies Global cities have strong international trade 14 Regional Impacts Overview More than 1,000 businesses Custom-built model leveraging business surveyed surveys (Martin Associates) 15 Regional Impacts Overview Washington State's reported Gross Domestic Product (GDP) totaled $409 billion in 2013 $4.3 billion in statewide business revenue generated by the Ports (Direct Revenues) The ports' economic activity is affiliated with a combined total of $138 billion in total economic activity to the state, which is onethird of Washington's GDP (2013) Sources: Martin Associates; Washington State Dept. of Revenue, 2014. 16 Direct Jobs Impact 18,900 Direct Jobs Joint Maritime Cargo Activity Surface Terminal & Dist. Marine Cargo Transport: Activities: 7,900 Jobs Services: 5,500 Jobs 5,500 Jobs Truck Warehouse Distribution Centers Shipyards/ Port Authority & Barge/Bunkers (3,690) (352) (2,184) (1,834) Ship Repair Government (1,692) (1,871) Rail ILWU/ Terminal Agents & Surveyors/Chandlers (1,831) Dockworkers (1,801) Forwarders Towing & Pilots /Misc. Services (279) (2,069) (741) (542) 17 Business Revenues by Major Category $4.3 b in 2013 Source: Martin Associates 18 Business Revenues by Major Commodity Source: Martin Associates 19 Indirect Impact 11,100 Indirect Jobs (2013) Impacts Across Washington Types of Indirect Spending Parts & Equip. Business Services Office Equip. Suppliers Maintenance & Repair Fuel Communications & Utilities 20 Induced Impact 18,100 Jobs supported by spending from direct Induced Jobs employment by ports businesses. (2013) Types of Induced Spending Housing Food Transportation Restaurants Home Health Care Entertainment Furnishings 21 Every dollar of income to Port-related direct jobs correlates to an additional $2.70 in income in the Seattle & Tacoma area The Ports generate . $1.1 b $554.3 m $2.4 b $4.1 billion Direct Indirect Induced in Total Income Income Income Income & Re-Spending (2013) Source: Martin Associates. 22 Regional Fiscal Impacts (2013) Maritime Cargo Activity $379 m in State & Local Taxes $231 m $148 m Washington Counties & State Cities Source: Martin Associates. 23 3. External Threats & Opportunities 24 Section Overview 1. Gateway container declining market share 2. Industry changing significantly to ever larger ships 3. Other global infrastructure expansions 4. Our opportunities and role as the PNW Gateway 25 Seaport Industry Challenges Market Share Container volumes on North America's West Coast have increased more than Seattle & Tacoma's share Seattle & Tacoma Millions of TEUs % of West Coast Seattle & Tacoma North America 40.0 Market Share % 15% West Coast TEUs 16% 35.8 36.5 14% 35.0 14% 13% 13% 13% 32.4 33.2 32.1 32.9 33.6 14% 13% 29.5 27.8 12% 30.0 12% 27.0 11% 11% 11% 10% 24.5 10% 25.0 9% 10% 21.9 19.1 19.4 20.0 8% 15.0 6% 10.0 Seattle & Tacoma TEUs 4% 3.6 4.2 4.1 3.9 5.0 2.9 3.6 3.6 3.5 3.6 2.6 2.9 3.2 3.1 3.5 2% 0.0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: AAPA, 2014 26 Ships Have Gotten Bigger Ultra Large Container Ships (ULCS) require major investments at ports 27 Why The Big Ships Competition Industry Panama & Suez Consolidation Canal Expanded Use Larger Lower Cost per Ships Anticipated Unit Shipped Trade Growth Rising Fuel Prices 28 External Threats Include Other ports' big ship infrastructure investments LA / Long Beach Prince Rupert & Vancouver East Coast & Gulf Ports Regional and local transportation infrastructure needs are critical for the ports and the regional economy Expanded use of the Panama & Suez canals add to competitive pressures 29 Opportunities Invest in regional infrastructure projects to improve freight mobility: SR 167 & SR 509 Leverage the strengths of the two ports as the 3rd largest gateway in North America Facilitate goods flow to and from the Midwest United States and Canadian destinations 73% of port cargo flows to the Midwest states Ports cargo reaches at least 41 US states Foster growth in Asia markets, Washington State exports and manufacturing 30
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