A newly released economic impact study quantifies the economic benefits generated by businesses at the Channel Islands Harbor.
Online PR News – 20-June-2018 – Oxnard, CA – 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 June 18, 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 online at www.channelislandsharbor.org/wp-content/uploads/2018/06/Channel-Islands-Harbor-2016-Economic-Impact-Study.pdf.
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 four 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."
As the first recreational harbor in Ventura County, Channel Islands Harbor has become one of the largest in California. It now includes over 300 acres of land and water, but the initial development included only a small portion of the current harbor area. Additional construction took place over the years, including the west channel of the harbor, along Harbor Boulevard and Peninsula Road. Development of the harbor has been largely accomplished through leases with private developers, who have constructed eight marinas (not including the three constructed by the County) comprising over 2200 boat slips, two hotels, two yacht club buildings, two boat yards, three shopping areas, restaurants, a Maritime Museum, over 100 condominiums and 485 apartments. In addition, public agencies have provided parks, restrooms, the public launch ramp and parking for the public. For more information on Channel Islands Harbor visit www.channelislandsharbor.org.