Results of a newly released economic impact analysis have found that Virginia’s seafood industry contributes $1.1 billion to the state’s economy.
The latest Virginia Seafood Agricultural Research and Extension Center economic impact study found that in 2019 Virginia’s seafood industry supported 7,187 jobs and generated more than $26 million in tax revenue from local, state and federal taxes. The study, sponsored by the Virginia Marine Products Board, also found that 24 percent, or $6.3 million, of the total tax generated was local.
“The study clearly demonstrates the economic value of Virginia’s local seafood production and processing. Seafood aquaculture, primarily oyster and clams, is a major contributor to this $1.1 billion industry,” noted Tony Banks, senior assistant director of agriculture, development and innovation for Virginia Farm Bureau Federation. “Virginia aquaculture is poised for continued growth as technology related to shellfish, algae and aquaponics advances.”
Virgini...