Navy releases economic impact report for Hampton Roads

NORFOLK, Va. (NRMA) – The Navy released its fiscal year report that collected financial data from Oct. 1, 2015 to Sept. 30, 2016, helping gauge the economic impact of the Navy installations in Hampton Roads.

The Navy’s total economic impact for FY16 (Fiscal Year 2016) was $12.3 billion, which was an increase of $1.56 billion over FY15 (Fiscal Year 2015). Also, the Navy paid more to military and civilian contractor with an annual payroll increase of 8.9 million to 10.1 billion from FY15 to FY16.

The procurement of goods and services saw an increase, says the Navy’s report. Navy officials reported an increase of $420 million in spending from FY15 to FY16. This brought the total number of money spent to 2.09 million from $1.67 billion last fiscal year.

The Navy says that its report captures the amount of direct capital infused into the local economies as a result of salaries, expenditures and contractual payment for services rendered in support of installation activities.