(Kris Johnson & Jon DeVaney – Seattle Times)
The contract dispute between West Coast dockworkers unions and the Pacific Maritime Association has nearly ground Seattle and Tacoma port traffic to a halt at the worst possible time. In our trade-heavy state, businesses are rightly worried this contract standstill could lead to a complete work stoppage.
According to the National Association of Manufacturers (NAM), when a breakdown in contract negotiations resulted in a 10-day lockout in 2002, it cost the U.S. economy an estimated $1 billion a day, and took half a year to clear the backlog. A shutdown now could be even more costly, an estimated $2 billion each day, according to a study conducted by NAM and the National Retail Federation.
Given our dependence on ports for nearly all industries — imports and exports — the slowdown could ultimately impact already-stressed state and local budgets. Read more here.