The Virginia Port Authority (VPA) is Virginia’s leading agency for maritime commerce. Included in the state’s transportation secretariat, the VPA owns and/or operates six general cargo facilities on behalf of the Commonwealth: in Hampton Roads – Norfolk International Terminals (NIT), Portsmouth Marine Terminal (PMT), APM Terminals and Newport News Marine Terminal; in Richmond – the Port of Richmond on the James River; in the Shenandoah Valley – The Virginia Inland Port, a truck and rail transfer facility, in Front Royal. Collectively, these assets formThe Port of Virginia.
As of Jan. 1, 2012, The Port of Virginia was the third largest container port on the U.S. East Coast and the seventh largest in the nation. More than 30 international ship line companies connect The Port of Virginia with a network of over 300 global ports on five continents. On a weekly basis, Virginia companies have competitive opportunities to ship or receive goods from the world’s commercial capitals including Rotterdam, Hamburg, Hong Kong, Shanghai, Buenos Aires and Mumbai, among others. Borrowing from airport terminology, The Port of Virginia is truly a global hub.
The Port of Virginia’s strengths and advantages are well documented. With 50-foot-deep shipping channels and authorization to dredge to 55-feet to meet future demand, no other East Coast port is better positioned to capitalize on the growing trend towards larger container vessels; a trend that will accelerate with the opening of a new set of Panama Canal locks in 2014. Along with its deep water, Virginia enjoys the absence of overhead air-draft restrictions (bridges), the presence of two class 1 railroads(Norfolk Southern & CSX)and a stable and progressive labor environment on and off the port. These strengths contribute mightily to the port’s sustained growth.
A growing port is a tremendous economic development asset for any state. Across Virginia, the port’s growth continually creates benefits. A recent economic impact study conducted by William & Mary’s Mason School of Business identified $41 billion in state business revenue and $13.5 billion in employee wages related to port activity. Most impressively, 343,000 jobs – 9 percent of Virginia’s resident work force – are directly or indirectly tied to Virginia’s maritime commerce.Leading Virginia employers with strong ties to the port include Norfolk Southern, Smithfield Foods, MeadWestvaco, Altria Group and Dollar Tree.
The port also serves as a catalyst for investment and development across the Commonwealth. Throughout Virginia there is an expanding community of more than 200 warehousing and distribution centers that are all users of the port. The Virginia Inland Port, for example, has been the driver behind $700 million in investment and the creation of 7,000-plus jobs in and around Warren County.
Theport and its associated industry are an economic cornerstone of the Commonwealth. The consensus is that the benefits – fiscal, employment and investment – of this industry will expand as we continue to leverage the natural and manmade assets of The Port of Virginia.
