The maritime industry in Virginia supports nearly 730,000 jobs and is responsible for more than $8 billion in state and local taxes, according to a recent College of William & Mary economic impact study.
The study examines the state’s maritime industry for fiscal year 2022 which ran from July 1, 2021, to June 30, 2022. It includes the handling, processing, storing, and transportation of domestically and internationally traded goods through Virginia’s public and private ports as well as deep-sea cruise ship operations, shipbuilding and repair business activities, and other services in the maritime environment.
Researchers measured containerized commodities, dry and liquid bulk shipments, and breakbulk cargos.
The Virginia Maritime Association (VMA) and the Virginia Port Authority commissioned the study. The College of William & Mary’s Raymond A. Mason School of Business produced the report.
“We are a maritime economy, and our best opportunities for growth and security will come from continuing to innovate and capitalize on these strengths that make us unique and help drive economic investment and job growth across Virginia,” David White, VMA executive director, said.
The study’s purpose was to quantify and demonstrate a connection between jobs and wages, tax revenue, and the windfalls derived from waterborne trade and maritime industrial activities.