A study conducted by the College of William & Mary that analyses the overall value of the Port of Virginia to the state’s economy during the fiscal year 2021 (FY21), which started on 1 July 2020 and ended on 30 June 2021, has indicated that the port is continuing expanding economic force in the commonwealth’s economy.
The results of the study were released by the Virginia Port Authority (VPA), which owns and operates six general cargo terminals, four deep-water terminals in the Norfolk Harbor and two inland facilities located in Richmond and Front Royal.
“The Port of Virginia is growing and delivering significant positive results for the Virginia economy,” said Stephen A. Edwards, the CEO and executive director of the VPA. “The goal is to continue to drive economic growth for decades to come.”
During FY21, the port posted its most productive fiscal-year performance, while it processed more than 3.2 million TEU. Hence, the business activity generated by the movement and handling of that cargo, combined with the port’s overall productivity was a significant contributor to the Virginia economy.
More specifically, the economic activity during FY21 related to the flow of containers across the port’s terminals led to the below figures, over FY18.
• 437,000 full-time jobs, an increase of 10%
• US$100 billion in spending, an increase of 9%
• US$47 billion in Virginia gross state product, an increase of 21%
• US$27 billion in labour income, an increase of 18%
• US$2.7 billion in state and local taxes and fees, an increase of 29%
The port contributes to Virginia’s economy by the movement and transport of export and import cargo within the US state, the export of Virginia-made goods, as well as the added processing and distribution of imports in the Commonwealth, according to the study.
“Our dredging effort continues and we are well on our way to becoming the deepest port on the US East Coast by 2024,” claimed Edwards.
In addition, the CEO and executive director of the port authority said that the recently announced expansion projects, combined with initiatives at the port terminals, are necessary to keep the Port of Virginia growing and competitive. The projects are also expected to help drive ongoing economic investment and job creation across Virginia.
