The port’s spending equates to a 47-percent rise from 2006 levels.
The Port of Virginia had a total economic impact in fiscal year 2013 of $60.3 billion in spending, 47 percent more than in 2006, according to an economic impact study conducted by The College of William & Mary. Some of the spending was outside the state, but the report said the port generated $30.5 billion, or 6.8 percent, of the state’s gross state product last year.
The findings “emphasize the importance of the Port of Virginia and further underscore why a healthy port is critical to so many sectors of the economy as we go forward,” said John Reinhart, the chief executive officer and executive director of the Virginia Port Authority.
The report also noted that employment generated by the port grew nine percent to 374,646 over the same five yeas, and compensation grew 30 percent to $17.4 billion.
Port of Virginia generates $60.3 billion in spending
