IncSmart Virginia (Small Business and Startups) -
Expansion at Virginia Port. Port of Virginia expansion is on schedule and at budget. Virginia has already secured $695 million in private and state investment, and the state is asking for an additional $300 million from the Federal government. The expansion incudes dredging and deepening the commercial shipping channel and reconstructing the width of the channel to 1400 feet. A new terminal will also be constructed using the dredge material from the widened channel.
Over 114,000 US business rely on the goods passing through the Port of Virginia. The port will be the deepest on the East cost. The dredging project will be conducted by the US Corps of Engineers, and must still be approved by Congress. The Port of Virginia is the driving force behind the state's economy. Over 40 business have expanded or moved to Virginia because of the ports expansion. The expansion will also create over 54,000 jobs. The expansion should be completed by 2024.
Written by IncSmart Staff
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