VPA 2040 Master Plan Executive Summary - The Port of Virginia

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Final Draft December 2008 Virginia Port Authority 2040 MASTER PLAN Heartland Corridor ................................................................................................................................................... 54 National Gateway .................................................................................................................................................... 56 Inland Transportation Summary .............................................................................................................................. 57 Technology .................................................................................................................................................................. 59 Technology Overview ............................................................................................................................................. 59 Technology at VPA Marine Terminals .................................................................................................................... 59 Technology Master Plan & Opportunities ............................................................................................................... 60 Environmental Management ........................................................................................................................................ 61 Security ........................................................................................................................................................................ 62 Assumptions & Conclusions ........................................................................................................................................ 63 Moffatt & Nichol EX-2
Final Draft December 2008 Virginia Port Authority 2040 MASTER PLAN Introduction The Commonwealth of Virginia is ranked twelfth in the United States by Gross Domestic Product (GDP). 1 It should be noted, and of no surprise, that eleven of the top twelve states ranked by their GDP boast vibrant maritime economies. Since ancient times and well before the United States was discovered, ports have been at the center of trade and economic growth. From its founding in 1607 in Jamestown Virginia, The Port of Virginia has continued the legacy and tradition of economic vitality arising from port activity. Today the marine terminals owned by the Virginia Port Authority are among the ten largest and most successful cargo handling networks in the United States. The Virginia Port Authority (VPA), an agency of the Commonwealth of Virginia is responsible for the ownership, maintenance and growth of the state owned marine terminals in Virginia. As a state agency responsible for growing maritime commerce, VPA is accountable to the citizens of the Commonwealth to provide a safe working and transportation environment while facilitating the efficient movement of goods throughout the world. The Virginia Port Authority has one of the best safety records in the industry. Its focus on environmental stewardship is evidenced in 2008 by becoming the first major port on the east coast to achieve ISO 14001 Certification. VPA switched to ultra-low sulfur fuel well ahead of the date mandated by the Federal Government and is deploying low emission locomotives on terminal to move trains. VPA also plays a major role in supporting the economic vitality that occurs outside of its terminals through its support, participation in funding, and leveraging seamless and efficient intermodal transportation through programs such as the development of the Heartland Corridor rail network, intermodal park development and inter harbor barge programs. VPA Role in Generating Economic Benefits A primary mission of VPA is to generate and grow economic benefits accruing to the Commonwealth from global trade and maritime commerce. With 190,000 direct and indirect jobs 2 , in Virginia attributed to port related activity, this aspect of VPA’s mission is critical for Virginia to continue expanding its $383 billion dollar economy. 3 Economic sectors go through cycles and most are familiar with much publicized trends such as the amount of U.S. manufacturing that has moved off shore. International containerized trade, however, has been growing at 2.5 times the rate of the U.S. economy for over twenty-five years. International containerized trade, in part by the globalization that drives it and in part by the offsetting conditions that drive import growth or export growth is more immune to economic downturns and cycles than other economic sectors in the U.S. Leveraging this growing economic sector will continue to benefit Virginia. 1 United States Bureau of Economic Analysis (BEA) GDPS Rankings 1997-2007 2 Economic Impact Study: Port of Virginia William & Mary Mason School of Business January 2008. The study goes on to calculate induced benefits from the continued expenditure and consumption of the direct and indirect activities such as the expenditure of the tax revenues generated. The study estimates that employment with induced activity included is 343,000. 3 United States Bureau of Economic Analysis (BEA) GDPS 2007 Moffatt & Nichol EX-3
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VPA 2040 Master Plan Executive Summary - The Port of Virginia

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