Originally published by the Economic Development Council of Seattle & King County in EDC Economic Insight – Q4 2015
Ever since its creation in 1911, the Port of Seattle has worked to develop infrastructure to support our region and state’s trade-dependent economy. From piers and marinas, to conference centers and cruise ports, not to mention Seattle-Tacoma International Airport, the Port of Seattle’s contributions to our region cannot be ignored. In case you missed it, the Port of Seattle is one of the key economic drivers in our region, impacting about 40% of Washington State’s economy in some way.
Birthed out of progressive reform, the Port was established to preserve economic assets for the greater good of the region, preventing private rail and shipping corporations from maintaining control. Although controversial at its inception, the Port became a mainstay “public enterprise” that continues to have a significant impact on our region.
Today, the Port of Seattle is King County’s only port, supporting Washington State’s most populous county which has nearly half of the state’s jobs. One of its current key initiatives is safeguarding middle class jobs. Port Commissioner and EDC Executive Committee member, Tom Albro, considers himself and other commissioners “urban middle class advocates” who are aggressively addressing the shrinking middle class. The Port is a critical leader in the preservation and growth of key legacy economic clusters, Aerospace & Advanced Manufacturing and Maritime & Logistics, while it also rapidly responds to dramatic growth, historic activity at SeaTac Airport, and technology-driven innovation and new opportunities.
Over its more than century-long history, the Port of Seattle has become a center of economic development. According to a 2013 economic impact study, the Port generated more than 216,000 jobs and $4.2 billion of direct wages and salaries. This is where the valuable partnership with the Economic Development Council of Seattle & King County (EDC) comes in.
Together, the Port and the EDC build strong coalitions to drive economic vitality across King County. We work in concert to support companies expanding their real estate footprint and to recruit new companies locating within the region, with a focus on community priorities and job creation. The Port has prioritized working collaboratively with the EDC and cities to leverage its real estate holdings and significant financing tools for economic development that benefits individual communities and the entire region. The most recent example of our collaborative relationship, in partnership with several others, is the opening of Greencore Group’s facility at the Port’s Des Moines Creek Business Park, which has seen significant recent leasing activity. Commissioner Albro refers to the EDC as “the place where transactions happen.” Through its cluster-driven, client-focused approach, the EDC often acts as a broker and connector between a company and the real estate community, whether that be a property owner, such as the Port or a municipality, a real estate firm, and/or a property developer. As the only public-private economic development partnership encompassing King County, the EDC naturally makes these connections.
Economic development requires extensive collaboration: between property owners and real estate brokers, between municipalities and economic development organizations, and between those who provide and deliver infrastructure, talent and services to address business’ needs, but most of all, between the company and the region in which it wants to conduct business. The seamless coordination between several partnering entities is vital to the success of a company doing business here. The Port’s commitment to collaboration helps our region’s economic development engine run. And as the Port of Seattle’s CEO, Ted Fick puts it, when we all collaborate, 2+2=5 (commonly known as “Ted’s Math”).
Good Juju 
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