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Virginia Business// April 27, 2023//
The Port of Virginia again set a cargo record in fiscal year 2022, handling 3.7 million TEUs (20-foot equivalent units) and surpassing its 2021 record by 14.7%. The six-terminal port, which includes facilities in Hampton Roads, Richmond and Front Royal, also continued with its project to widen and deepen its channels to at least 55 feet deep by early 2025, expand rail capacity and modernize the North Berth at Norfolk International Terminals, parts of a $1.4 billion capital campaign. The port was responsible for generating $100.1 billion in ancillary economic impact during fiscal year 2021 and generated 436,667 jobs, according to a 2022 economic impact report conducted by William & Mary’s Raymond A. Mason School of Business in conjunction with Glen Allen-based Mangum Economics.
