Business, Freight News, Sea

Port of Virginia Helps Drive Economic Investment

[ June 6, 2023   //   Gary G Burrows ]

The Port of Virginia® continues to be an expanding economic force in the Commonwealth’s economy by helping to create hundreds of thousands of jobs and billions in sales, income, taxes and fees, says a recently published study by The College of William & Mary.
The port posted its most productive fiscal-year performance ever in FY22; in that period the port processed more than 3.7 million twenty-foot equivalent units at its terminals. The business activity generated by the movement and handling of that cargo combined with the port’s overall productivity was a significant contributor to the Virginia economy, the report said.
The port contributes to Virginia’s economy in three ways: 1) the movement/transport of export and import cargo within Virginia; 2) the export of Virginia-made goods; and 3) the added processing and distribution of imports by Virginia businesses to produce goods for sale throughout the state and across the nation.