Port of Virginia

The Port of Virginia’s economic impact rose significantly in fiscal 2022, the most recent year for which data is available, moving up from $100.1 billion in output sales in 2021 to $124.1 billion, according to a report prepared by William & Mary’s Raymond A. Mason School of Business for the Virginia Port Authority. The port also produced 11% of total state employment, and direct export-related jobs and direct import-related jobs were up, respectively, 36% and 32%, compared to fiscal 2021. The Port of Virginia owns the Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port in Front Royal, and it leases Virginia International Gateway and Richmond Marine Terminal. In March, the port’s $450 million dredging project to widen its channels up to 1,400 feet was completed, and its deepening phase is set to be complete in late 2025. However, its cargo handling fell a bit in fiscal 2023, from 3.7 million TEUs (20-foot equivalent units) in 2022 to 3.4 million in 2023. The port’s cargo handling is likely to increase significantly this year, though, with ships bound for the Port of Baltimore diverted to Norfolk after the March 26 cargo ship Dali’s collision with Baltimore’s Key Bridge.