NORFOLK, Va. (WAVY) — A recently published study indicates The Port of Virginia continues to be a vital and expanding economic engine for the Commonwealth. The Port of Virginia creates hundreds of thousands of jobs and generates billions in sales, taxes and fees.
Professors at The College of William & Mary analyzed the overall value of the port to the Virginia economy during fiscal year 2022 (FY22) and compared the data with the port’s
economic impact in fiscal year 2021.
“The Port of Virginia is delivering significant, positive results for the Virginia economy and we are on course to help drive even more job creation and economic investment,” said Stephen A. Edwards, the CEO and executive director of the VPA.
In fact, 2022 was the port’s most productive fiscal-year performance ever. This business activity proved to be a significant contributor to the Virginia economy.
The port contributes to Virginia’s economy in three ways:
- The movement/transport of export and import cargo within Virginia;
- The export of Virginia-made goods; and
- The added processing and distribution of imports by Virginia businesses to produce goods for sale throughout the state and across the nation.
Edwards points out that it is important to understand that FY22 was a record-year for trade because ports were continuing to recover from the pandemic-driven disruption in trade. This, he said, drove cargo activity at The Port of Virginia to all-time highs.
According to Edwards, “We doubt we will ever see a trade environment similar to that during the
pandemic. Trade is now returning to normal, as expected, and we are focusing on maintaining the gains we have made while improving our efficiency and service levels.”
Edwards also shared that once dredging efforts are complete The Port of Virginia will
become the deepest port on the U.S. East Coast.
Click here to read the Economic Impact Report.