The Port of Vancouver USA’s new mid-year report shows that 2017 continues to be a strong year for the port. But the Port is still vulnerable to economic swings and needs to ensure it takes advantage of key infrastructure investments.
(Port of Vancouver staff) shared that overall revenue and margins are on the rise compared to numbers presented at the same time last year. Compared to 2016 numbers, revenue at mid-2017 is up 5.54 percent and expenses went down by more than five percent. This increased the port’s operating margin to 25.83 percent—a more than eight percent increase over 2016’s operating margin.
Increased volumes of some top-performing commodities have grown overall tonnage over the same period in 2016. Commodities like steel, grain and fertilizer were all up in the first half of this year, amounting to an increase of 442,696 metric tons when compared with the same period last year.
While the port is seeing growth in the first half of 2017, staff are keeping a close eye on the market, including fluctuations in the global economy and uncertainty around trade policies. Continued investment in key projects such as the West Vancouver Freight Access Project and Centennial Industrial Building have positioned the port to continue giving businesses a place to call home, helping support existing jobs and spur business growth and job creation in our community.
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 up to $2 billion in economic value for the region, including $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 revenues. Over the life of the project, this would equate to nearly three-quarters of a billion dollars that could be used to invest in further economic development and advancement throughout the Port’s districts.
The Vancouver Energy terminal will utilize the Port of Vancouver’s freight rail improvements, marine access and industrial lands to build and operate a state-of-the art oil terminal.
The Camas-Washougal Post-Record has more details:
The Vancouver Energy oil transfer terminal is proposed at Terminal 5 in the Port of Vancouver’s marine area, along the Columbia River. The property is zoned heavy-industrial and served by a rail loop track the Port built as part of a $250 million rail expansion known as the West Vancouver Freight Access Project.
(Port of Vancouver Communications Manager Abbi) Russell said the loop track was completed in 2010 and is currently serving many of the Port’s existing customers, including those that move grain, minerals and automobiles.