Report: Hampton Roads economy growing but trails other areas
NORFOLK, Va. (AP) — A new report suggests that Virginia’s Hampton Roads region has mostly recovered from the Great Recession. The number of jobs has surpassed pre-recession levels. And housing prices are rising.
But job creation still lags behind other areas of Virginia and the mid-Atlantic U.S. Wages have yet to rise significantly. And people continue to move away.
That’s all according to the 2018 State of the Region Report that was released Tuesday by Old Dominion University. Each year, ODU’s Strome College of Business assesses the region’s economy.
The report noted substantial increases in federal defense spending, which is the bedrock of the region’s economy. For instance, the U.S. Navy is embarking on a shipbuilding plan that will increase demand for skilled workers.
But other workers are leaving because of weak private-job creation.