Economic conditions in Region 5 have been steadily improving over the last several years following a painfully long recovery from the 2009-2010 contraction. Growth in regional real gross domestic product (GDP), growth in per-capita income and growth in employment have improved and stabilized in recent years after a dismal period of growth from 2010-2015. Some of the economic improvement is, no doubt, a function of increases in federal spending. Region 5’s strengths remain in industries related to the water – port, shipping, logistics, shipbuilding and ship repair. The region is also seeing meaningful growth in three technology-oriented industries – cybersecurity, unmanned systems and aerospace.
The Hampton Roads region consists of:
Cities – Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg
Counties – Accomack, Isle of Wight, James City, Northampton, Southampton, and York
Region 5 stats:
Total Population 1,727,781
Total Employment 786,346
Unemployment Rate 3.3%
Median Income Level $45,720
Mfg. Establishments 1,928
Mfg. Employment 89,095
Target industries:
Advanced Manufacturing, Cybersecurity/Data Analytics/Model-Sim, Logistics/Port Operations/Warehousing, Shipbuilding and Repair, Water Technologies and Unmanned Systems and Aerospace
Strategies:
Port and Maritime Economic Development Strategy, Workforce Gap Analysis, Entrepreneur in Residence Program, Regional Economic Development Site Inventory, Acceleration Pathway Project, Industry Cluster Scale-Up Initiative
Select clients served within Hampton Roads:
Eagle Aviation Technology
G2OPS
G.I. Industrial Marine
NETARUS
Phoenix Group of Virginia
Sera-Brynn
Sentinel Robotics Solutions
Solo USA
