The Economic Contributions of the Virginia Seafood Industry and the Effects of Virginia Seafood Products in Retail Stores and Restaurants in 2023

Abstract

Virginia’s coastal location and abundant marine resources make its seafood industry a vital contributor to the state’s economy, supporting both local communities and tourism. This study applied input–output models and updates the economic contributions of the Virginia seafood industry using 2023 data, building on models developed for 2019 that capture both direct effects and broader economic ripple effects. In 2023, the industry generated USD 1.27 billion in total economic output and supported over 6500 jobs—including watermen, aquaculture farmers, processors, and distributors—resulting in USD 238.3 million in labor income. Contributions to state GDP totaled USD 976.7 million, and tax revenues exceeded USD 390.4 million. The study also evaluates the economic role of Virginia seafood products sold in retail stores and restaurants, based on secondary data sources. In 2023, these sectors generated USD 458 million in economic output, supported more than 3600 jobs, produced USD 136.7 million in labor income, and USD 280.8 million in value-added. Combined tax contributions surpassed USD 74 million. Importantly, the analysis results for the Virginia seafood products from retail and restaurant should not be summed to the seafood industry totals to avoid double-counting, as seafood products move as output from one sector as an input to another. These results provide evidence-based insights to guide decision-making, inform stakeholders, and support continued investment in Virginia’s seafood supply chain and related economic activities.