HAMPTON ROADS, Va. — The 2023 State of the Region report has been released by Old Dominion University's Dragas Center for Economic Analysis and Policy.
The 24th edition report takes a closer look at the socioeconomic status of Hampton Roads.
“The good news is that 2023 is likely to be the third consecutive year of economic growth in Hampton Roads," said Dr. Bob McNab, the director of ODU's Dragas Center for Economic Analysis and Policy. "That’s the first time that has happened since prior to the Great Recession of 2007-2008. If everything lines up well, we project that 2024 will see economic growth as well. We haven’t had that for 20-plus years."
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The reason?
Defense spending, people visiting the area and cargo coming through the Port of Virginia are all increasing, according to ODU.
The region is lacking, however in job creation compared to what are considered competitor regions like Charlotte and Raleigh in North Carolina, and Jacksonville in Florida.
“Four in 10 dollars in Hampton Roads are tied in some way to the federal government," McNab explained. "That means it’s really hard to move that top-line needle on jobs because we’re dependent on decisions in Congress."
A challenge highlighted, perhaps, currently as Congress works to try to avoid a government shutdown that would affect thousands of jobs.
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“It’s disappointing to the business community that they don’t have a reliable budget every year in order to make decisions on," said Hampton Roads Chamber President and CEO Bryan Stephens.
"So our politicians just need to do what we’re trying to do in the region. That’s collaborate, work together, find neutral ground, and do what’s in the best interest of the citizens of this nation."
To address the challenge, businesses in the region are investing in industries like life sciences and advanced manufacturing because they pay higher and have higher growth than the regional average.
“We hope that this report today celebrates the tremendous opportunities that we have in this region, both internal, to our internal businesses, but also external to businesses that may be looking to come to the region," said Stephens.
The report contains 180 pages, with detailed sections as follows:
- Growth Returns, Now Make It Last
- The Pillars of the Hampton Roads Economy Remain Strong
- The Fourth Pillar: Veterans in Hampton Roads
- Get on the Bus: Public Transportation in Hampton Roads
- Death and Dying in Hampton Roads
The full presentation can be found in the document below.
