Region 5 consists of the cities of Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg, and the counties of Accomack, Isle of Wight, James City, Northampton, Southampton, and York. 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 – cyber security, unmanned systems and aerospace.
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
Advanced Manufacturing, Cybersecurity/Data Analytics/Model-Sim, Logistics/Port Operations/Warehousing, Shipbuilding and Repair, Water Technologies and Unmanned Systems and Aerospace
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 Regionally:
- Eagle Aviation Technology
- G.I. Industrial Marine
- Phoenix Group of Virginia
- Sentinel Robotics Solutions
- Solo USA
“GENEDGE was a great experience for our company and very, very helpful. They were excellent guides and facilitators that helped us focus on prioritizing the elements needed to be successful and grow. Our company was a bit different than the usual companies [very young, very small high tech], but they were able to adapt their tools to provide great insight on the project.”
– Bill Cumbie, CEO & Founder, PANCOPIA, Inc., Hampton, Va.
“I really appreciate all the work and patience GENEDGE had with us. We have not moved far yet, but did get [some large, high cost equipment] ordered. We are still talking about building sizes and shapes with [the owner]. We also submitted for some funding and are now waiting approvals, but now we have a vision and can work to move forward.”
– Ken Mebane, Vice President, Colonna’s Steel America, Norfolk, Va.