Virginia Seafood Industry Boosts State’s Economy by $1.1 Billion
Category: impact Video duration: Virginia Seafood Industry Boosts State’s Economy by $1.1 Billion
The Virginia seafood industry is one of the oldest industries in the United States and one of the commonwealth’s largest. The economic contributions of this industry exceeded $1.1 billion for the commonwealth in 2019, according to a new economic impact analysis conducted by the Virginia Seafood Agricultural Research and Extension Center of Virginia Tech.
Virginia is currently the fourth largest seafood producer in the United States, leads the nation in hard clam production, and is the number one oyster producer on the East Coast thanks to the Chesapeake Bay. The bay is an ecosystem with significant ecological, social, historical, cultural, and economic value. And this diverse industry has a big impact in Virginia. The total economic output of the Virginia seafood industry in 2019 was $1.1 billion and supported over 7,000 jobs. And these numbers are conservative. They do not include retail and restaurant services or the spillover benefits to economies outside Virginia. Where did these numbers come from? To assess the economic contributions of the seafood industry to the commonwealth's economy, The Virginia Seafood AREC conducted a survey with watermen, aquaculture farmers, seafood processors, and distributors. The data was used to perform a custom economic model to measure direct effects from its own activities and capture all the ripple effects that stem from business-to-business purchases and from workers spending their wages. What makes up those $1.1 billion in economic contributions? Let’s dig deeper into the results. The 7,000 jobs supported by the Virginia seafood industry generated $168.1 million in labor income. The value-added, or the contributions to the GDP was $428 million. Just in taxes, the Virginia waterman, aquaculture farmers, seafood processors, and distributors paid over $26 million in 2019. The seafood supply chain in Virginia is highly interconnected. Businesses engage in commercial activities and rely on one another for their continued survival and success, contributing to the commonwealth's overall economy. For more information, you can access the full report at the link below.