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Overview Comments
Port of Virginia
July 22, 2013
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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
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WHERE IS THE ECONOMIC ACTIVITY WITHIN THE STATE
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FULL FISCAL YEAR: JULY - JUNE
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US EAST COAST PORTS FISCAL YEAR GROWTH
Port of Virginia New York/ New Jersey
Savannah Charleston Jacksonville Baltimore Wilmington NC
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%10.5%
-1.5% -1.5%
9.4%
3.1%
7.7%
-1.8%
Total TEUs, FY 2013 vs. 2012, Jul-Jun
US East Coast Growth: 2.5%
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VIRGINIA – POSITIONED IN MAJOR TRADE LANES
» Rapidly growing containerized freight transit
О Benefit from long-haul rail efficiency
О Efficient transfer of containers from port-rail-truck
» Significant population density
» Access to interstate highway system
» Import / export balance
» Access to competitive rail
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CONNECTIVITY: VIRGINIA TO THE HEARTLAND
» Hampton Roads is linked to the Midwest industrial base via Norfolk Southern and CSX
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LOGISTICS COST BREAKDOWN
Transporta-tion
Inventory Labor Customer Service
Rent Admin Supplies Other0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
50.3%
21.8%
9.5% 7.8%4.3%
2.7% 2.2%1.2%
LOGISTICS COST BREAKDOWN
SOURCE: ESTABLISH, INC/HERBERT W. DAVIS AND COMPANY 2006 DATABASE
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HAMPTON ROADS: STRENGTHS
» Deep water port, natural harbor, no air draft restrictions
» Can accommodate super post-Panamax vessels
О Panama Canal Expansion (2015 - 2016)
» Expansion capacity
О APMT/VIT venture
О Marine Terminal at Craney Island
» Competitive Class I railroad service
О Norfolk Southern Railroad
О CSX Railroad
» Strength of maritime community
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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