Assessing Economic Contributions of the Virginia Seafood Industry
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  • Release Date: 2024-06-04
  • seafood industry
  • commercial fisheries
  • aquaculture
  • input–output model
  • economic contribution
  • Virginia
  • supply chain
Video Introduction

This video is adapted from 10.3390/fishes9060200

With a focus on seafood industries, this research provides a framework for economic contribution assessments, outlines Virginia’s seafood supply chain components, and evaluates the direct, indirect, and induced economic impacts of Virginia’s seafood industry in 2019. Utilizing an analysis-by-parts method in IMPLAN, primary expenditure data from watermen, aquaculture farmers, processors, and distributors were collected through surveys. The efficacy of obtaining primary data through stakeholder surveys heavily relies on the investigator’s interpersonal skills to establish trust and elucidate the study’s benefits, particularly its potential to inform policy decisions. In 2019, the Virginia seafood industry’s estimated total economic contributions amounted to USD 1.1 billion, supporting 7187 individuals. This impact encompasses 6050 direct jobs, 523 indirect jobs, and 614 induced jobs, primarily benefiting watermen and coastal communities. Furthermore, the industry’s influence extends beyond its immediate economic sphere, supporting diverse sectors such as polystyrene foam manufacturing, boat building, sporting and athletic goods, and commercial and industrial machinery. Wages and salaries disbursed throughout the seafood supply chain ripple to Virginia’s economy, benefiting nondepository credit intermediation, owner-occupied dwellings, and real estate sectors. Future research focusing on seafood sales in restaurants and retail outlets will complete the understanding of the seafood industry’s broader economic impact on the state.

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Goncalves, F.H.; Van Senten, J.; Schwarz, M.H.; Hegde, S. Assessing Economic Contributions of the Virginia Seafood Industry. Encyclopedia. Available online: https://encyclopedia.pub/video/video_detail/1282 (accessed on 16 June 2024).
Goncalves FH, Van Senten J, Schwarz MH, Hegde S. Assessing Economic Contributions of the Virginia Seafood Industry. Encyclopedia. Available at: https://encyclopedia.pub/video/video_detail/1282. Accessed June 16, 2024.
Goncalves, Fernando H, Jonathan Van Senten, Michael H Schwarz, Shraddha Hegde. "Assessing Economic Contributions of the Virginia Seafood Industry" Encyclopedia, https://encyclopedia.pub/video/video_detail/1282 (accessed June 16, 2024).
Goncalves, F.H., Van Senten, J., Schwarz, M.H., & Hegde, S. (2024, June 04). Assessing Economic Contributions of the Virginia Seafood Industry. In Encyclopedia. https://encyclopedia.pub/video/video_detail/1282
Goncalves, Fernando H, et al. "Assessing Economic Contributions of the Virginia Seafood Industry." Encyclopedia. Web. 04 June, 2024.
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