In the 2023 State of the Region Report, we take a hard look at how the economy of Hampton Roads is faring. We not only ask how the residents of Hampton Roads are faring in these uncertain times, we delve into topics that explore how consumers and businesses cope with an uncertain economy. We work to ask the hard questions about how race affects economic outcomes in the region and examine how the region can recover and thrive. The State of the Region report will debut on October 3, 2023. Presentations are scheduled in Norfolk and Newport News. See our calendar for more details.

The 2023 State of the Region Report is divided into seven parts:

Growth Returns, Now Make It Last
There is good news aplenty to report. Hampton Roads continues to gain population, albeit slowly compared to its peer and aspirant metro areas. A record number of residents were at work or looking for work in 2023. A record number of residents of the region reported they were employed in 2023. Unemployment in the region hovered near pre-pandemic lows. The number of jobs continued to recover from the depths of the 2020 economic shock, and we expect a complete recovery in jobs in the latter half of 2023. Economic growth sharply rebounded from the declines of 2020, and we expect growth to continue in 2023. The challenge now is to add speed to the regional economic engine through the continued diversification of economic activity.

The Pillars of the Hampton Roads Economy Remain Strong
Hampton Roads is a region rich with assets – a talented and diverse labor force, a distinctive role in the national security of the nation, a deep-water port that continues to set records, and beaches and amenities that attract visitors from near and far. The region’s economic performance is closely aligned with these assets. Defense spending, the Port of Virginia, and the hospitality and tourism industry are often referred to as the “Three Pillars” of the Hampton Roads economy – pillars that have continued to perform well in the aftermath of the economic shock of 2020. In this chapter, we explore the performance of the three pillars and ask what the future holds for Hampton Roads.

The Fourth Pillar: Veterans in Hampton Roads
In 2021, more than 1 in 10 residents of Hampton Roads identified themselves as a veteran of military service. Among these veterans, almost 1 in 3 were military retirees. With thousands of active-duty service members separating from service in Hampton Roads every year, we ask what is the impact of these veterans on the regional economy. We find that working-age veterans in Hampton Roads are more likely to participate in the labor force than their non-veteran counterparts and that the presence of veterans brings billions of dollars in the region. When we consider this impact, we find veterans are the ‘fourth pillar’ of the Hampton Roads economy.

Get on the Bus: Public Transportation in Hampton Roads
In many counties, public transportation is a cornerstone of urban life. In Hampton Roads, public transportation in a moment of transition, sparked by technological change, pandemic disruptions, a growing emphasis on social equity, and a longer-term loss of riders. In this chapter, we discuss who provides public transportation in Hampton Roads. We explore the economics of public transportation and ask what the future holds of public transportation in the region.

Death and Dying in Hampton Roads
Death and taxes may be inevitable but where we die is usually not a topic of public policy or discussion. First introduced in the United States in 1963, hospice care is the specialized treatment that provides support and comfort to patients who are terminally ill with a general life expectancy of six months or less. In this chapter, we take a close look at serious disease and hospice care in the United States and Virginia. We examine the demand for hospice care by Medicare beneficiaries as well as the changing nature of hospice care suppliers as now more than two-thirds of hospices nationwide operate as for-profit entities. We scan our region for care services for the seriously ill and ask: what is the state of end-of-life care in Hampton Roads?

Should Taxpayers Subsidize Private Facilities in Hampton Roads? Glitz vs Reality
Hampton Roads can learn from the experience of other cities and states. If there is a strong business case for a sports stadium, sports park, or entertainment venue, then investors should be able to tap into financial markets. In this chapter, we examine the arguments surrounding public investments in highly visible facilities. We pose questions that should be asked when considering such investments and explore the potential opportunity costs of these projects. We offer a cautionary tale that such projects are sold as transformative but often fail to generate the promised benefits, not only for taxpayers but also for the cities and regions in question.

The Virginia Museum of Contemporary Art: Challenges, Opportunities, and Economic Impact
Museums are not only a part of the cultural life of a region but also a component of the regional economy. The Virginia Museum of Contemporary Art in Virginia Beach is one such museum. The Virginia Museum of Contemporary Art (Virginia MOCA for short) in Virginia Beach is a cultural jewel that continues to provide the region with remarkable artistic resources and programming. In this chapter, we explore how museums can contribute to economic activity and explore the economic impact of the Virginia Museum of Contemporary Art.

2022 State of the Region Report

2021 State of the Region Report

2020 State of the Region Report

2019 State of the Region Report

2018 State of the Region Report

2017 State of the Region Report

2016 State of the Region Report

2015 State of the Region Report

2014 State of the Region Report

2013 State of the Region Report

2012 State of the Region Report

2011 State of the Region Report

2010 State of Region Report

2009 State of Region Report