Richmond, VA (June 30, 2022) – A brand new examine finds the financial impression of Virginia wines to be an estimated $1.73 billion as of 2019. After evaluating all financial exercise in Virginia associated instantly or not directly to wine manufacturing, gross sales and wine grape farming, the examine stories a 27% improve in total financial impression from 2015 ($1.37 billion).
“We’re excited by the rising impression of Virginia wines and are proud to offer over 10,000 jobs and contribute nearly $200 million {dollars} in taxes to the state,” stated Kirk Wiles, Chairman of the Virginia Wine Board. “Firstly, Virginia Wine is an business of individuals— enterprise homeowners, farmers, wine lovers— and we’re lucky to have the ability to give again to the Commonwealth via the native economic system.”
Nearly all classes reported a rise from 2015; the variety of full-time equal jobs (+27%), the variety of wineries (+37%) and the income from wine-related tourism (+31%).
“The agriculture and tourism sectors are the most important contributors to Virginia’s economic system, thanks largely to industries like Virginia Wine,” stated Secretary of Agriculture and Forestry Matt Lohr. “I’m proud to symbolize and assist assist native, craft merchandise as they continue to be a staple within the Commonwealth— and on this case, each for the standard of the wines and the evident impression to our economic system.”
Financial Forensics and Analytics, Inc. performed the evaluation utilizing IMPLAN® Modeling which makes use of input-output tables to mixture and estimate financial impression for over 400 industries.
For the complete report, go to https://vaw-public-prod.s3.amazonaws.com/1d80df21e685a927e1647af1583c76a5.pdf.
