There is no doubt about it. Today’s weak economy is affecting each of us in one way or another.
There is a place, however, where the downturn has been barely noticeable — the marina here at the Port of Edmonds. We are definitely a bright spot in the local economy.
The boating industry in general may be suffering, but you would never know it by checking the indicators here at the Port. Virtually all our 945 wet and dry moorage slips are occupied, we still have a waiting list of boaters who want to become tenants, and people are paying their bills.
Every year the Commissioners and the executive director prepare budgets based on expected revenues and expenses. Of course, the 2009 budget took a very conservative approach, which was undoubtedly prudent, but it may have been a bit more cautious than necessary. Moorage revenues to date have not dipped at all and our expenses have held the line. Your Port is on track to have a break-even year.
On the other hand, the Northwest boating industry has taken some significant hits during the last couple of years. The major boat manufacturers — principally based in communities north of here — have largely disappeared, the area’s largest retail boat chain has had to close its doors, and the Port’s nearest marine supply store is moving its operations to the chain’s other locations.
Even more significantly for us, the much-heralded move by Ballard’s iconic Jacobsen Marine to Edmonds had to be scrubbed because of the sluggish boating market.
In view of all that, why is the Port of Edmonds marina maintaining its steady course? The answer seems to fall into two general areas. First, most of our moorage spaces are for larger boats, 30 feet and over. These vessels are not easily adapted to other means of storage — trailers, for example. Even if some owners might prefer to sell, the current economic realities say not now.
The second — and most likely — reason we continue to do well is the value of having a moorage slip in Edmonds. Many of our moorage tenants had to wait years for a slip to become available. They recognize the importance of keeping what is a high-demand commodity; if they give up their space, they wonder — probably correctly — whether it might be another long wait before they could get back to the top of the waiting list.
Come to think of it, there is probably a third reason, too. Although people will always complain about the cost of almost everything, the truth is that when they compare convenience, quality and price, the Edmonds marina is an amazing value for our tenants. Choosing anywhere else to moor (or store) their boat, they would almost certainly have to give up one or even two of those significant benefits.
Whatever their individual reasons for staying in our boating community, we value our tenants highly. In an economy like today’s, it is nice to see that they evidently value us as well.
Bob McChesney is executive director of the Port of Edmonds.
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