In terms of exports, Seattle exports more than $50 Billion of goods and services annually. The exports range from apples to airplanes, technology to salmon and wood to Word from Microsoft. But there is one other industry that falls into that vast list. That is the industry of tourism. The tourist dollar is the cleanest industry in the world. The dollar comes in fresh and for each dollar that comes into the area it creates 1.5 jobs.
The impact on Seattle Commercial Real Estate is easy to see and understand. Here are a few numbers: 39.9 million visitors, 20.8 million overnight visitors and $762 million in tax revenue and a total of 76,062 jobs. The dollar volume is $10.7 Billion. $501 million is related to the Port of Seattle’s cruise business, most of which goes to Alaska, with some 550,234 passengers. It is the rest of the equation that is interesting.
The influx of the current level of business is without the addition to the Washington State Trade and Convention Center. This facility will add over 400,000 square feet of facilities, 2,300 direct jobs and an additional $235 million in revenue into our economy. The construction phase alone will add 6,000 jobs.
The health of the economy in this sector has lead to a boom in the hotel industry, restaurant, and support and office services. The impact in the short term and the long term on commercial real estate is still just beginning to be felt. The new import is dollars.
