A newly released economic impact study reveals businesses and tenants at the Channel Islands Harbor in 2016 contributed $159 million in economic impact on the Ventura County economy and more than 900 jobs.
The report, presented at the Ventura County Board of Supervisors meeting on Tuesday, June 19, 2018, quantified the economic benefits generated by businesses at the Channel Islands Harbor including jobs, earnings, sales, and taxes. The study was conducted by The California Economic Forecast, a Santa Barbara-based research firm, and was commissioned by the Ventura County Harbor Department. The full study can be found here.
Highlights of the study include:
- In 2016, business activity at the Channel Islands Harbor had a direct economic impact of $74 million and a total economic impact of $159 million.
- The direct impact of Harbor businesses which provide goods and services to residents and visitors includes an employment base of 920 workers, who received an estimated $38 million in labor income.
- Since 2012, Channel Islands Harbor business activity has out-performed general overall business growth in Ventura County. The average annual rate of growth over the last 4 years for Harbor businesses is 6.3 percent.
- Two proposed projects in the Harbor, the construction of a Hyatt House and the redevelopment of Fisherman’s Wharf, would increase direct economic activity at the Harbor by more than 60 percent.
Ventura County Harbor Department Acting Director Suzy Watkins said the report was commissioned to provide a variety of stakeholders a comprehensive look at current and future business activity at the Harbor.
“This study reinforces the role of the Channel Islands Harbor as a regional economic driver,” Watkins said. “Our business owners and lessees deserve the credit, as they chose to locate their businesses here and have put in their time, money, and energy to make them a success. We look forward to supporting our current business owners and further improving the Harbor to ensure residents and visitors have increased coastal access and a second-to-none experience.”