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Port of Everett 2019 Economic Impact Report Shows Major Growth in Jobs, Economic Value

Date: Dec 28, 2020

Port of Everett 2019 Economic Impact Report Shows Major Growth in Jobs, Economic Value

FOR IMMEDIATE RELEASE DECEMBER 28, 2020

In September 2020, results of the 2019 Economic Impact of the Port of Everett were in. The independent study by Martin Associates found that since the last study conducted for the Port of Everett in 2014, the number of direct, induced and indirect jobs supported by Port operations grew by nearly 4,095, bringing the job total to 39,225*. The report also identified that the overall economic value of the Port grew from $6.9 billion in 2014 to $7.9 billion in 2019. See below graphic for economic impact report highlights.

CLICK HERE FOR FULL ECONOMIC IMPACT REPORT 
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2020 COVID-19 IMPACT TO PORT’S ECONOMIC BENEFIT


NOTE: The 2019 economic impact study of the Port of Everett was conducted prior to the COVID-19 pandemic. These unexpected impacts have been severe and far reaching, and while we are yet to know the full economic picture, the 2019 report provides a benchmark as the Port focuses on local and regional economic recovery.

The Port had Martin Associates conduct a review of the initial impacts of the COVID-19 pandemic/shutdowns on the Port’s economic benefits. The write up developed identified a loss of about double the Port’s gains over its previous five-year growth period, setting Port impacts back about a decade. This was due, in most part to, severe impacts the COVID-19 had on the aerospace industry, as well as on the tourism/hospitality industry. In 2020, the Port of Everett Seaport experienced a 25% decrease in aerospace cargo, and the Port’s Waterfront Place saw its on-site restaurants/hotels/tourism functions experience significant job and revenue losses. See comparison graphic below.
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