Results of a newly released economic impact analysis have found that Virginia’s seafood industry contributes $1.1 billion to the state’s economy, reported the Virginia Farm Bureau Federation (VFBF).
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 over $26 million in tax revenue from local, state and federal taxes. The study, sponsored by the Virginia Marine Products Board, also found that 24%, 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,” said Tony Banks, VFBF senior assistant director of agriculture, development….
