Overview Comments Port of Virginia July 22, 2013
W HY IS THE P ORT OF V IRGINIA I MPORTANT »343,000 jobs, or 9 percent of the state’s workforce »$13.5 billion of employee compensation, or 7.4 percent of the total compensation paid to private sector, state and local government employees »$1.2 billion of income, sales, and real property taxes »$41.1 billion in economic activity state wide
W HERE IS THE ECONOMIC ACTIVITY WITHIN THE STATE
F ULL F ISCAL Y EAR : J ULY - J UNE
US EAST C OAST P ORTS F ISCAL Y EAR G ROWTH
V IRGINIA – P OSITIONED IN M AJOR TRADE L ANES »Rapidly growing containerized freight transit О Benefit from long-haul rail efficiency О Efficient transfer of containers from port-rail-truck »Significant population density »Access to interstate highway system »Import / export balance »Access to competitive rail
C ONNECTIVITY : V IRGINIA TO THE H EARTLAND »Hampton Roads is linked to the Midwest industrial base via Norfolk Southern and CSX
L OGISTICS C OST B REAKDOWN
H AMPTON R OADS : S TRENGTHS »Deep water port, natural harbor, no air draft restrictions »Can accommodate super post-Panamax vessels О Panama Canal Expansion ( ) »Expansion capacity О APMT/VIT venture О Marine Terminal at Craney Island »Competitive Class I railroad service О Norfolk Southern Railroad О CSX Railroad »Strength of maritime community
H AMPTON R OADS : C HALLENGES »Capital funding for “off-port” regional transportation improvements »± 90 million SF local industrial market…growth required »± 1 million person local demographic…growth required »I-95 & I-81 accessibility…direct route required »Growth in port volumes = economic growth for the state