The agency posted a net operating income of over $223 million, 3.7 percent higher than 2011 income and 8 percent higher than budgeted. Port commissioners and CEO Tay Yoshitani credit the continued success of Sea-Tac International Airport, including a record number of passengers served, a growth in international flights and passenger volume, and the successful launch of the new rental car facility.
“In the port’s Century Agenda, we’re focused on leveraging this financial strength into more jobs for our community – 100,000 new jobs,” said Commission President Tom Albro. “Our mission is to create economic opportunity for all. We want to leave a better port for future generations.”
Sea-Tac airport served more than 33 million passengers in 2012 and the seaport hosted a record 202 cruise ship visits during last summer’s tourist season. For 2013, the port is expecting continued strong performance in both areas.
Port CEO Yoshitani has managed the port’s operations with an eye on containing costs and maximizing investments in the infrastructure that keeps the seaport and the airport competitive in the global marketplace. The port supports nearly 200,000 jobs tied directly or indirectly to international trade.
“Not only is the Port of Seattle a vital economic engine for King County and Washington State, we’re the gateway to Asia for exporters all across the nation,” said Yoshitani. “With the renewed Hanjin container terminal lease, we are ready to serve the region and the country as the economy rebounds and exports grow. We will continue to control costs and invest in infrastructure in the coming years, so that we’re able to attain our vision of becoming the premier logistics hub in North America.”
During the past year, the port invested $118 million in infrastructure. The largest new facility to come online was the port’s LEED Silver certified rental car facility.
The port collected $73 million through the King County property tax levy, the same level as in 2011. The revenues are used for environmental cleanup projects around the port, freight mobility infrastructure improvements that benefit regional transportation, and to support operations at Fishermen’s Terminal.
Additional Port of Seattle budget information can be found on the port’s website