PORT OF VIRGINIA® (CONT.) GO-ZERO (CONT.)

The economic impact resulting from the flow of cargo across the VPA’s terminals during FY22 was impressive:

1. $124.1 billion in output sales, up by 24% compared to FY21, accounting for 12% of total Virginia output.

2. $63 billion in Virginia gross state product, showing a remarkable increase of 33% and constituting 10% of the gross state product.

3. $41.4 billion in Virginia labor income, up by 53%, representing 7% of total labor income in Virginia.

4. 565,000 full- and part-time jobs, indicating a substantial growth rate of 29% and contributing to 11% of total employment in the state.

5. $5.8 billion in state and local taxes and fees, witnessing an impressive surge of 110% and accounting for 8% of all state and local taxes.

The Port of Virginia® plays a pivotal role in Virginia’s economy through three key aspects: the movement and transport of export and import cargo within the state, the export of locally made goods, and the processing and distribution of imports by Virginia businesses for sale across the state and the nation.

Mr. Stephen Edwards emphasized the exceptional circumstances that contributed to the record-setting year in FY22, as the port continued to recover from the disruptive effects of the pandemic on trade. Looking ahead, Edwards acknowledged the return to normalcy in trade and expressed a focus on maintaining the gains achieved while improving efficiency and service levels.

To solidify its position as a leader among U.S. East Coast ports, the Port of Virginia® is making strategic investments. The ongoing dredging efforts will soon give Virginia the deepest port on the U.S. East Coast, while expansion projects, such as the Central Rail Yard at Norfolk International Terminals (NIT) and the North Berth at NIT, will further enhance trade operations.

The Port of Virginia’s® commitment to growth, efficiency, and service excellence ensures its continued contribution to the Virginia economy. As the port thrives, it will drive job creation, economic investment, and prosperity for all Virginians.

The College of William & Mary has initiated the process of updating the Economic Impact Study, which was previously conducted in 2015 in collaboration with the Virginia Maritime Association. The most recent study did not encompass private terminals, shipbuilding, and repair facilities located throughout the rest of the port. Although the Virginia Port Authority has trademarked The Port of Virginia® as a marketing brand, the port represents a much broader scope. The forthcoming updated Economic Impact Study, slated for publication in 2024, will comprehensively analyze the entire port, taking into account both the Virginia Port Authority and the private sector.

Source: American Journal of Transportation

If you have any questions regarding the program or the application process, please feel free to reach out to Ed Mihalski at emihalski@ecologixgroup.com.

The Virginia Green Operator program is a public-private, voluntary initiative dedicated to reducing air pollution from drayage trucks in the state of Virginia. By incentivizing the purchase of zero-emission and near zero-emission drayage trucks through programs like GO-Zero, the Port of Virginia® aims to create a more sustainable and environmentally friendly future for the community and beyond.

Join us in our efforts to embrace clean technology and contribute to a healthier environment. Together, we can make a difference and pave the way for a greener, more sustainable future in Virginia.

Source: Virginia Port Authority