VPA 2040 Master Plan Executive Summary - The Port of Virginia

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Final Draft December 2008 Virginia Port Authority 2040 MASTER PLAN The economic forces that created TEU trade growing faster then U.S. GDP are expected to continue. A forecast of the continued growth of TEU trade exceeding U.S. GDP through 2049 is presented below. GDP Index & TEU Index (Million) 350 300 250 200 150 100 50 0 1980 1983 1986 1989 1992 1995 1998 US GDP & TEU TRADE 1980 - 2049 2001 2004 2007 2010 For Virginia’s Economy: • Activities related to Port activities in Virginia provide over $1.2 billion in state and local tax revenues to the Commonwealth of Virginia annually. 8 • The VPA terminal operating revenues exceeded $250 million for fiscal year 2008. 9 Every dollar of revenue generated by VPA, and their owned affiliate VIT that operates the terminals, expands into more than $164 of economic activity for the state. Total economic activity as calculated for 2006 was estimated at $41.1 billion. 10 • Over 190,000 people are employed as a result of direct and indirect port activities with $13.5 billion in wages. 11 • Employment in Virginia tied to port activities exceeds the total estimated “in state” employment of the Northern Virginia Technology Corridor. 12 • The outlook for The Port’s ability to contribute to the Virginia economy remains strong with forecasted growth in demand continuing. 8 Economic Impact Study: Port of Virginia William & Mary Mason School of Business January 2008 9 Virginia Port Authority 2008 10 Economic Impact Study: Port of Virginia William & Mary Mason School of Business January 2008 11 Economic Impact Study: Port of Virginia William & Mary Mason School of Business January 2008 12 Virginia Office of Economic Development 2013 2016 Moffatt & Nichol EX-14 2019 2022 2025 2028 2031 2034 2037 2040 2043 2046 2049
Final Draft December 2008 Virginia Port Authority 2040 MASTER PLAN • It is estimated that Craney Island Marine Terminal will generate 54,000 jobs with $1.7 billion in wages generating $155 million in local and state tax revenues. 13 For the United States Economy: • In 2007, over 55% of the cargo that moved through VPA terminals originated from or was destined to areas outside of state boundaries. 14 • VPA terminals handle cargo destined to or from all 48 contiguous U.S. states • Craney Island will generate $6 billion in National Economic Development (NED) benefits Opportunities: The Virginia Port Authority has an opportunity to continue generating significant economic benefits for the Commonwealth of Virginia through the life of the 2040 Master Plan. • Global trade will continue to increase at rates faster than the overall U.S. economy. With the expansion of the Panama Canal and shifts in Asian exports, East Coast ports are expected to especially benefit from this growth. • Shipping Lines are acquiring much larger vessels. The largest vessels on order can carry more than 12,000 TEU. These vessels are two to three times larger than many of the vessels that call on the east coast ports today. Less stops per route, and efficient cargo transfers are desired by these carriers to reduce expenses. Port facilities able to accommodate these vessels can be the biggest long-term benefactors of increases in All Water East Coast volumes. With 50 foot channels and the largest cranes in the world, The Port of Virginia is already positioned to accommodate these vessels. • VIT has signed ten year agreements with its largest customers to continue to provide services. These contracts are the longest in length and the highest in volume commitments in VIT’s history. These agreements ensure minimum levels of cargo through the VPA terminals. • The Port of Virginia, with its natural attributes, planned improvements, and links to existing and planned inland transportation networks, can become the first choice East Coast port destination. • The containerized cargo capacity for Hampton Roads port facilities, including APM’s new terminal, has increased to over 4.0 million TEUs in 2008. There is current shortterm capacity for growth above the 2008 volume of 2.2 million TEU’s Global containerized trade is expected to continue to grow at rates faster than the overall economy and a greater shift of cargo to the east coast is expected. VPA with its deep harbor, natural attributes, inland infrastructure improvements and expansion plans is ideally situated to capture the benefits associated with this opportunity. 13 USACE Craney Island Environmental Impact Statement EIS 11 PIERS 2007 Database Moffatt & Nichol EX-15
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VPA 2040 Master Plan Executive Summary - The Port of Virginia

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