Fort Lee has Economic Impact of About $2.4 Billion
By Staff Reports
Sep 19, 2012, 12:17
photo by Sarah Steele Wilson
The numbers are in and they confirm that Fort Lee continues to be an economic powerhouse in the region, with a total annual economic impact estimate of $2.4 billion.
That figure is included in a report, “The Economic Impact of Fort Lee on the Petersburg Region,” compiled by the Nathalie P. Voorhees Center at the University of Chicago.
The report, which considers the direct, indirect and induced impact of the base, traces the flow of spending at Fort Lee through the local economy.
Over 12,700 military, civilian and contracted personnel are employed by Fort Lee directly, but the report places its total annual impact at 28,000 jobs.
Military personnel and their spouses are expected to have the largest cumulative effect on the region, accounting for more than half of the total impact of $2.4 Billion.
The report also reveals that while the jobs existing as a result of Fort Lee’s activities account for approximately 12.28 percent of the area’s 2008 employment, they contribute 13.62 percent of the region’s gross product.
“In other words, jobs at Fort Lee pay more on the average and contribute more to local economic activity than do jobs off-post,” the report stated.
Fort Lee operations also generate over $124 million in state and local taxes, according to the study.
In a statement on the report released by the Crater Planning District Commission, Dorothy Jaeckle, chairperson of the commission stated, “I do think that citizens are beginning to grasp the critical importance of Fort Lee to the Richmond-Petersburg Metro Area. Every sector of our economy is impacted by the presence of Fort Lee. Insuring its continued vitality is the most important economic development project that this region could possibly undertake”.
The full report is available on the Crater Commission’s web site www.craterpdc.org.