Economic Impact of Virginia's Maritime Industry (2016)
"The time has come to tell the full story of the economic impacts the commercial maritime industry has on the entire Commonwealth. This study confirms what most within the industry have always know, businesses throughout Virginia rely on Virginia's ports directly or indirectly." - VMA Board President Raymond A. Newlon (2015-2017)
The Virginia Maritime Association Board of Directors commissioned the Raymond A. Mason School of Business College of William & Mary, to produce a comprehensive report of the economic impacts of Virginia's commercial ports and maritime industry. The VMA sought to quantify and demonstrate the connections and reliance our citizens and businesses have on port facilities, the related jobs and wages, the tax revenues, and the overall economic windfalls derived from waterborne trade.
$88.4 Billion in Spending
$27.4 Billion in Wages
10.1% of Virginia's Gross State Product
$2.7 Billion in State & Local Taxes
79 Million Tons of Cargo Moved
The Virginia Maritime Association gratefully acknowledges the generosity and support of the following sponsors of the Economic Impacts of Virginia's Maritime Industry Report.