Oakland's airport and seaport has directly created 50,000 jobs in the city, according to the preliminary results of a new economic impact study.

Speaking at the annual "State of the Port" address, Port of Oakland executive director Omar R. Benjamin said both transport hubs had performed well in 2010 despite challenging economic conditions.

"We are stabilizing our business and moving forward. Despite continued challenges in the industry"ªwe saw modest growth in our passenger volume to a little over 9.5 million passengers in 2010.  Even better news comes on the cargo side, where we were able to grow air cargo volume by 4%," Benjamin said of the Oakland International Airport.

Discussing commercial real estate Benjamin said: "We have also been making some progress despite the continued challenging economic situation.  Our real estate revenue remains stable, at around $12 million, about 5% of Port revenue, and a very visible part of our portfolio for the community."