As this recent story in Lens points out, the Port of Vancouver USA is a critical economic engine for Southwest Washington – with 50 tenants employing 3,200 people and generating $2.9 billion a year in positive economic impact for the region.
As Clark County prepares for further economic development, the Port of Vancouver could prove another strong source of growth in the region.
At the moment, the prospects are promising. Last month, the port announced a 5.54 percent revenue increase in the first half of 2017 compared to 2016. Overall tonnage for top-performing commodities handled by the port also increased by 442,696 metric tons.
The Vancouver Energy terminal will be a key piece of the Port’s future as an economic engine for the region. The terminal will generate $22 million in state and local taxes during construction and, once operational, $7.8 million in state and local taxes each year. The Port itself would receive $44 million a year in revenue.
Over the life of the terminal, this $44 million a year would equate to more than three-quarters of a billion dollars that could be used to invest in further economic development and advancement throughout the Port’s districts.
The port also hopes to obtain tenants for other properties as part of its seven-year Strategic Plan approved in 2016. That includes the Vancouver Energy project. If built, the proposed oil terminal would be the largest in the U.S., creating an estimated 1,000 jobs and $2 billion in economic activity.
Vancouver Energy is an integral part of a diverse set of economic development projects at the Port of Vancouver, which includes the 530-acre Columbia Gateway – the largest parcel of undeveloped land in Southwest Washington – and the West Vancouver Freight Access Project. The Vancouver Energy terminal will maximize and unlock the value of the Port of Vancouver’s existing infrastructure investments, including freight rail improvements like the $250 million West Vancouver Freight Access Project.
Read more about the benefits of Vancouver Energy here.