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Overview Comments Port of Virginia July 22, 2013

Overview Comments Port of Virginia July 22, 2013. Why is the Port of Virginia Important. 343,000 jobs , or 9 percent of the state’s workforce

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Overview Comments Port of Virginia July 22, 2013

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  1. Overview Comments Port of Virginia July 22, 2013

  2. Why is the Port of Virginia Important • 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

  3. Where is the economic activity within the state

  4. Full Fiscal Year: July - June

  5. US east Coast Ports Fiscal Year Growth

  6. Virginia –Positioned in Major trade Lanes • Rapidly growing containerized freight transit • Benefit from long-haul rail efficiency • Efficient transfer of containers from port-rail-truck • Significant population density • Access to interstate highway system • Import / export balance • Access to competitive rail

  7. Connectivity: Virginia to the Heartland • Hampton Roads is linked to the Midwest industrial base via Norfolk Southern and CSX

  8. Logistics Cost Breakdown

  9. Hampton Roads: Strengths • Deep water port, natural harbor, no air draft restrictions • Can accommodate super post-Panamax vessels • Panama Canal Expansion (2015 - 2016) • Expansion capacity • APMT/VIT venture • Marine Terminal at Craney Island • Competitive Class I railroad service • Norfolk Southern Railroad • CSX Railroad • Strength of maritime community

  10. Hampton Roads: Challenges • 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

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