Economic Impacts: Virginia

The Port of Virginia continues to be a significant economic force in the Commonwealth’s economy, according to newly released economic impact study.

The study said the port contributes to Virginia’s economy in three ways: the transportation of export and import cargo within Virginia and across it from other states and countries; the export of goods made in Virginia; and the added processing and distribution of imports retained in the state.

"The total economic impact in Virginia in FY 2013 directly and indirectly attributable to The Port of Virginia was $60.3 billion in spending," the report said.

A previous study assessed the port’s economic impact during fiscal 2006. The table compares the findings of the two studies:

Port of Virginia – Comparative Economic Impacts
Fiscal Year	2013	2006	Change
Jobs
Employment	374,646	343,001	9.2%
Billions of U.S. Dollars
Spending	$60.3	$41.1	46.7%
Employee Compensation	$17.5	$13.5	29.6%
Selected Virginia Taxes	$1.4	$1.2	16.7%

Other highlights from the FY 2013 study:

$17.5 billion was paid to 374,646 employees who are residents of Virginia.

Those jobs (direct, indirect or induced) accounted for 9.4 percent of the resident Virginia workforce.

The port moved nearly 18 million tons of cargo valued at $53.2 billion.

Made-in-Virginia cargo tallied 4.5 million tons worth $10.9 billion.

The port’s contribution to the state’s Gross State Product was $30.5 billion, which is equal to 6.8 percent of the estimated $448.8 billion in GSP in fiscal 2013.

"It is clear The Port of Virginia is having positive effects on spending, employee compensation, employment and taxes," said John F. Reinhart, CEO and executive director of the Virginia Port Authority. "As the port grows, so do its benefits to the businesses and taxpayers of Virginia. The findings of this work emphasize the importance of The Port of Virginia and further underscore why a healthy port is critical to so many sectors of the economy as we go forward."

Click here to read the full study.