Economic contributions of the Virginia seafood industry
ID
AAEC-306NP
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The total economic output effect of the Virginia seafood industry was estimated at $1.1 billion in 2019. The total employment effect of the Virginia seafood industry was estimated to benefit 7,187 people; with a direct effect of 6,050 jobs, indirect effect of 523 jobs, and induced effect of 614 jobs. Retail and restaurant services were not included in this analysis. The Virginia seafood industry supports a wide variety of other economic sectors (64% of 546 industries), from polystyrene foam product manufacturing, boat building, sporting and athletic goods manufacturing, commercial and industrial machinery, and equipment repair and maintenance through direct expenditures by seafood businesses. Non-depository credit intermediation, owner-occupied dwellings, and real estate sectors are supported as wages and salaries paid to employees throughout the seafood supply chain multiply in Virginia`s economy. The estimates presented are conservative and likely underestimating the economic contributions of the Virginia seafood industry in 2019. The response rate was the primary limitation of this analysis, and a potential cause of under-estimated activity expenditures. In addition, the economic impact estimated in this study was confined to activities and expenditures within the state of Virginia. Despite the conservative numbers, the models generated by the primary data collected directly from the industry are relevant and provide a snapshot of the valuable economic contributions and employment opportunities supported by the Virginia seafood industry in 2019.
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Publication Date
January 9, 2023
