Port of Seattle sets $4.4B capital projects budget for 2022-26
After two years of belt-tightening, the Port of Seattle plans to start spending again.
Commissioners for the public agency, which oversees the Seattle port and and Seattle-Tacoma International Airport, passed a budget this week with a long slate of infrastructure and capital improvements for the coming year. As it faces challenges from its global shipping and logistics partners and a shortage of experienced labor, it also set aside funds for new initiatives aimed at building up its workforce pipeline through apprenticeships, youth programs and funding for education.
Sea-Tac Airport forecasts passenger volumes will reach 94% of 2019 levels in 2022, while cruise traffic at the Port of Seattle is expected to pick up to 75% of pre-Covid levels.
That means the airport expects to reach nearly $767 million in operating revenue and clear $267.7 million in net operating income. It also plans to spend $559.5 million on capital improvements in 2022, pushing its five-year capital projects budget through 2026 to $4.4 billion.
https://www.bizjournals.com/seattle/news/2021/11/18/port-of-seattle-releases-2022-budget.html
