Hampton Roads

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

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
G.I. Industrial Marine
Phoenix Group of Virginia
Sentinel Robotics Solutions
Solo USA