The Port of Virginia contributed $92.1 million in spending to the state and $39.3 billion in Gross State Product during fiscal year 2018, according to a College of William & Mary study.
The Port also supports more than 397,000 jobs and contributed $2.1 billion in state and local taxes.
During the fiscal year that ended June 20, 2018, the port handled 2.8 million 20-foot equivalent units, a 2.4 percent increase, and moved 22.1 million tons of cargo.
The port directly contributes to the state economy by exporting goods made in Virginia, exporting and importing cargo from other states and countries, and processing and distributing imports retained in the state.
“We are building the foundation processes to create a steadily growing flow of cargo through this port for decades to come,” John Reinhart, Virginia Port Authority CEO and executive director, said Saturday at Governor’s Transportation Conference. “We are speaking with our customers and the cargo owners using this port to better understand what their needs are today and will be twenty years from now. This information helps us build our model for sustainability and better execute our core function of serving our customers. The positive result of our effort is being felt throughout Virginia in terms of job creation and economic investment.”