FULL REPORT | eCONOMIC IMPACT
Virginia is open for business
The Port of Virginia’s growth is creating jobs, fueling economic investment in all corners of the Commonwealth by some of the world’s leading companies, and nurturing development of new industries that will strengthen our economy and improve the quality-of-life across Virginia.
Our focus is on meeting the needs of our customers by moving their goods swiftly, sustainably, and safely. But there is also a parallel mission underway outside the gates of the terminals: making the Commonwealth an attractive location for businesses to set up shop, create jobs, and invest in their communities.
Amazon Robotics Fulfillment Center in Suffolk, Virginia.
The companies are as diversified as the things they produce: Teal-Jones, lumber; Acesur, olive oil; Navien, hot-water heaters; Moore, high-end commercial printing; Amazon, direct-to-consumer retailing; and Total Fiber Recovery, a recycler of paper pulp, to name a few.
These companies and others are investing in Virginia because they want the seamless access to world markets we provide. They want to be able to receive and ship products internationally; they want a port that is growing in anticipation of their future needs; and they need a predictable, reliable supply-chain partner.
That reliability and predictability was evident during the pandemic as our expansion never stopped. Throughout the pandemic, work on our infrastructure projects and on the state’s big transportation projects was uninterrupted. This demonstrated to companies investing in Virginia – and others considering a move – that we remain focused and committed to setting the pace for today’s supply chain while plotting the course for its tomorrow.
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A comparative study (FY18 vs. FY13) published in November 2019 by The College of William & Mary illustrates the significant value of the port to the Virginia economy. In FY18, the port was responsible for nearly 400,000 jobs, which is about one out of every 10 jobs in Virginia, or the combined populations of the cities of Richmond and Newport News. Those jobs resulted in total wages of $23 billion dollars, an amount three times more than the combined values of every major professional sports franchise in Washington, D.C.: its football team, the Capitals, Nationals, Mystics and Wizards.