Export coal shipments in Hampton Roads accounts for $500 million in direct economic impact and 1,100 jobs according to a report issued today by the Old Dominion University Economic Forecasting Project. The findings were made public at the 14th annual State of the Region Report for Hampton Roads.
This release is courtesy of CSX.
The report finds that Hampton Roads is the most influential coal exporting region in the United States and one of the largest exporting regions in the world. More than 47 million tons of coal was shipped from Hampton Roads in 2011 and has a tremendous positive economic impact on the region. Export coal shipments have nearly tripled since 2011.
The direct jobs and economic impact result from the three coal export terminals, CSX and Norfolk Southern railroads, shipping-related industries and others. 52% of the export coal is shipped from the Dominion Terminal Associates (DTA) and Kinder Morgan facilities in Newport News and 48% from the Lambert’s Point facility.
Report Highlights:
Hampton Road’s direct economic benefit from export coal shipments accounted for:
- more than $500 million dollars in economic output in Hampton Roads,
- more than $55 million in earnings, and
- nearly 1,100 jobs in 2011.
Total benefits, which includes indirect and induced effects, accounted for:
- more than $900 million dollars of goods and services for Hampton Roads,
- were responsible for more than $200 million dollars in earnings across all private sector industries, and
- led to almost 4,200 jobs.
A full copy of the report can be found at the Economic Forecasting Project website: http://www.odu.edu/forecasting