Virginia Inland Port, Port of Richmond
The Virginia Port (APM Terminal, Newport News Marine Terminal, Future Carney Island Marine Terminal, Portsmouth Marine terminal, Norfolk)
The Virginia Port is composed of four deep-water marine terminals, an upriver barge terminal and an inland intermodal ramp and is home to Foreign Trade Zone 20. The port received over $1.6 billion of total merchandise is received in the zone annually.
Collectively, in fiscal year 2015, Norfolk International Terminals (NIT), Newport News Marine Terminal (NNMT), Virginia International Gateway (VIG), Portsmouth Marine Terminal (PMT), Port of Richmond (POR) and Virginia Inland Port (VIP), which is in Warren County, handled more than 19.7 million tons of cargo.
Moreover, the combined value of those imports and exports totaled more than $60 billion, invoking a record year in terms of volume and revenue. FTZ 20 companies produced over $430 million in exports annually.
This annual throughput of cargo made Virginia the fifth largest port in the nation. The port has proven itself a significant asset for existing Virginia businesses as well as international firms seeking strategic, advantageous expansion, relocation or investment opportunities.
Initiatives include $6.2 million a year in available port incentives, such as the Economic and Infrastructure Development Grant programs, and tax incentives such as the Port Volume Increase Tax Credit. The port economic impact resulted in the creation of 374,000 Virginia jobs – nearly ten percent of the state’s resident workforce – are linked to port activity across our six terminals. Those jobs generate $17.5 billion in annual compensation and $1.4 billion in state and local taxes.
Coastal Ports FURTHER...
