Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Industries Ports/Trade Study says Port of Virginia made $60.3 billion impact on commonwealth

Study says Port of Virginia made $60.3 billion impact on commonwealth

Published December 29, 2014 by Jessica Sabbath

The Port of Virginia contributed $60.3 billion to Virginia’s economy in fiscal year 2013, according to a study by The College of William & Mary’s Mason School of Business.

The study, last done for fiscal year 2006, shows the port’s impact growing along with its increased cargo volume.

The 36-page study released Monday considered the port’s direct and indirect impact during its 2013 fiscal year, which ran from July 1, 2012 to June 30, 2013..

From 2006 to 2013, the study found:

  • The port’s economic impact in the commonwealth grew 47 percent to $60.3 billion in 2013, compared with $41.1 billion in fiscal year 2006;
  • Port-related employment grew 9 percent to 374,646 jobs, up from 343,001 jobs in 2006. The number of jobs accounted for 9.4 percent of Virginia’s resident workforce;
  • Tax collections from port activity grew 17 percent to $1.4 billion from $1.2 billion in 2006 (including corporate and individual taxes, general sales taxes and local property taxes);
  • Employee compensation grew 30 percent to $17.5 billion from $13.5 billion.

“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,” John F. Reinhart, the Virginia Port Authority’s CEO and executive director, said in a statement.

The study found that the port’s contribution to gross state product (GSP) was $30.5 billion, equal to about 6.8 percent of the estimated $448.8 billion total GSP in fiscal year 2013.

The study considered how the port affects Virginia’s economy in three ways: the transportation of export and import cargo; the export of goods made in Virginia; and the processing and distribution of imports retained in the commonwealth.

Related Stories

Virginia Business logo

Port of Virginia promotes two executives

Virginia Business logo

Report says nearly $1 billion in Virginia exports threatened by tariffs

Virginia Business logo

Virginia trade delegation visiting Israel and United Arab Emirates

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Rivers Casino Portsmouth opens to big crowds

Va. bill aims to reduce mental health stigma for health care workers

Framatome CEO retiring; CFO to be promoted

Former EAB buildings in Henrico sell for $5.35M

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Rivers Casino Portsmouth opens to big crowds

Va. bill aims to reduce mental health stigma for health care workers

Framatome CEO retiring; CFO to be promoted

Former EAB buildings in Henrico sell for $5.35M

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk