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Fort Lee Maintains Important Position as Economic Engine for the Crater Region

Study by CHMURA Economics & Analytics Recently Released

COLONIAL HEIGHTS, VIRGINIA, UNITED STATES, September 14, 2020 /EINPresswire.com/ -- The Crater Planning District Commission and Virginia’s Gateway Region recently commissioned an Economic Impact Analysis of Fort Lee which was undertaken by CHMURA Economics & Analytics with offices in Richmond.

The study, which was completed in mid-August, found that Fort Lee accounts for 10.1% of the gross domestic product (GDP) in the Tri-Cities Area with an annual total economic impact of $2.25 billion. An estimated 5,150 civilians work on the installation, earning an average wage of $57,600, while the region’s annual wage is $46,250.

Also, Fort Lee operations generate $127 million annually in state and local tax revenue.

Overall, Fort Lee supports almost 23,500 jobs within the region.

“For decades, Fort Lee has positively contributed to the regional economy,” said Dennis Morris, Executive Director of the Crater Region Planning District Commission. “It’s not surprising that the installation represents 10% of the area’s GDP. We’re proud to have this major military presence in the region.”

“The Gateway Region is proud to be home to Fort Lee,” said Keith Boswell, President & CEO of Virginia’s Gateway Region. “The military personnel and their spouses, students and trainees, civilians, and contractors live and spend their wages in the region, which increases our overall prosperity. We look forward to continuing our successful partnership with Fort Lee as we promote the Gateway Region for economic development opportunities.”

Jill Vaughan
Virginia's Gateway Region
+1 804-363-7175
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