Sens. Webb, Warner Secure Funding for Expansion of Craney Island in Hampton Roads
September 9, 2011
Washington, DC – Senators Jim Webb and Mark Warner today announced the inclusion of $27.4 million for the expansion of Craney Island in the Fiscal Year 2012 Energy and Water Appropriations bill. As in previous years, the Senators had asked the Administration and the Appropriations Committee to include funding for Craney Island for the coming fiscal year.
“The Craney Island Project will generate more than 1,100 jobs immediately and 54,000 sustainable jobs after construction,” said Senator Webb. “The expansion will allow the Virginia Port Authority to nearly double its marine terminal capacity to meet the anticipated increase in shipped goods to and from international ports.”
“The expansion project at the Port of Virginia is a critical infrastructure project that will help support Virginia’s economic competitiveness for decades,” Senator Warner said. “I am pleased that Senator Webb and I were able to partner together to win this funding for such an important infrastructure project for the Commonwealth.”
The Port of Virginia is a gateway for international commerce and is one of thirteen U.S. strategic ports that support the mobilization and readiness of our national defense. Over 14,000 businesses from all contiguous 48 states move cargo through Virginia. It is critical that the Craney Island Eastward Expansion project remain on schedule to open in 2020.
“We appreciate the efforts of Senators Webb and Warner to secure crucial funding for the development of the Port of Virginia,” said Jeff Keever, Senior Deputy Director of the Virginia Port Authority. “Their support for Craney Island over the years has paved the way for strategic infrastructure improvements and job creation.”
The project will help assure a competitive posture for the nation and is estimated to stimulate $6 billion in National Economic Development (NED) benefits with a Benefit Cost Ratio of 4.4 to 1.
The Heartland Rail Corridor, which connects the ports of Hampton Roads with the Midwest, opened last year. Additionally, with the Panama Canal expansion scheduled to be operational in 2014, it is important that this project continues to move forward to meet the projected increase in international trade. The Craney Island expansion will allow Virginia to provide the necessary connection to our broad and expansive nationwide rail network to accommodate this increase in business.
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