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Economic Benefits

CVOW is transforming the economy by attracting economic development opportunities that will create hundreds of good-paying clean energy jobs, millions in tax revenues and hundreds of millions in economic benefits annually.

An Economic Driver in Virginia

We are committed to providing opportunities for Virginia’s businesses and workforce to deliver Coastal Virginia Offshore Wind.

Hampton Roads is a natural fit to become a hub for offshore wind development, with its best-in-class port infrastructure, centrally located and capable maritime workforce, and supportive business climate.

Birds eye view of Hampton Roads

New Jobs and Economic Benefits

According to an offshore wind economic impact analysis commissioned by the Hampton Roads Alliance and performed by Magnum Economics, CVOW will have long-lasting impacts on Hampton Roads and Virginia by creating opportunities for Virginia’s businesses and local workforce.

Commercial CVOW Progression of Economic Activity

Each year during construction, CVOW could support:

  • 900 direct and indirect Virginia jobs annually (about 60 percent in Hampton Roads)
  • Almost $57 million in pay and benefits
  • Over $143 million in economic output
  • Generating almost $2 million in revenues for local governments in the Hampton Roads area
  • An additional $3 million in Virginia state tax revenues.

Each year during ongoing operation, CVOW could support:

  • 1,100 direct and indirect jobs annually in Hampton Roads
  • Almost $82 million in pay and benefits
  • Almost $210 million in economic output
  • Generating almost $6 million in revenues for local governments in the Hampton Roads area
  • An additional $5 million in Virginia state tax revenues.

Economic Development Announcements

The video on the right shows the first Jones Act-compliant offshore wind turbine installation vessel from Dominion Energy.

  • Luna logo

    Cable Monitoring Services

    In February 2023, Roanoke-based company Luna Innovations announced it will be providing temperature and acoustics monitoring services on CVOW’s export cable system to help protect the project’s operations.

  • Viking logo

    Safety Equipment Hub

    In June 2022, Viking Life-Saving Equipment announced a new North American offshore wind safety hub in Norfolk, Virginia, to support the safety needs of the U.S. offshore wind industry.

  • Fairwinds logo

    Maritime Operations and Logistics Center

    In May 2022, Fairwinds Landing signed an agreement with Norfolk Southern to redevelop the 111-acre property adjacent to the Lamberts Point Coal Terminal, establishing an offshore wind and defense industry center that will create up to 500 jobs.

  • Seajacks logo

    Operational Base

    In March 2022, Seajacks UK Limited announced it will be establishing an operational base in the City of Virginia Beach to support the construction and operation of the first Jones Act-compliant offshore wind turbine installation vessel, Charybdis.

  • NABTU logo

    Local Union Jobs

    In September 2021, Dominion Energy announced a partnership with North America’s Building Trades Unions (NABTU) to identify opportunities to utilize union labor on CVOW. Since the project will require skilled and qualified workers in Hampton Roads, the agreement also includes commitments to utilize local workers; the hiring, apprenticeship, and training of veterans; and the use of workers from historically economically disadvantaged communities.

  • Portsmouth logo

    Portsmouth Marine Terminal Staging Area

    In August 2021, Dominion Energy announced that the Portsmouth Marine Terminal will serve as a staging and pre-assembly area for CVOW. This lease agreement is expected to lead to the creation of over 60 jobs for longshoremen, skilled trades, building and construction and more.

  • Dominion logo

    Offshore Wind Installation Vessel

    In May 2020, Dominion Energy announced the development of the first U.S.-built and U.S.-flagged offshore wind installation vessel, the Charybdis. The vessel will be homeported in Hampton Roads and employ up to 119 crew members. Charybdis will support the construction of CVOW and other offshore wind projects along the East Coast.

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