The Virginian-Pilot Advertising: South Hampton Roads Economy
Employment
Hampton Roads' unemployment rate has been lower than the nation's for over a decade. Additionally, the area has had a higher than national increase in average hourly wages. Look here for more information on major employers, unemployment rates, and occupation breakouts.
Tourism
Tourism is an important part of the Hampton Roads economy. From the beaches and historical parks, to the museums, cruise facilities and convention centers, Hampton Roads has a lot to offer. Look here for more information on the tourism industry in this region.
Ports
Ranking as one of the largest multi-use seaports in the United States, The Port of Virginia is home to the largest U.S. Naval base. In addition the port supports a large commercial fishing industry, a massive international cargo industry and industries in defense contracting, shipbuilding and repair. The port also serves as a supporter of the growing cruise-line industry. Look here for more information on ports in the Hampton Roads area.
Real Estate
Having experienced an extremely high median sale price last year, it is projected that the region’s real estate market will continue to grow. While single-family home prices across the U.S. have declined 3.6%, local prices grew 3.9% last year. Look here for more information on the Hampton Roads real estate market.
Retail
Hampton Roads is the largest retail market between Washington, D.C. and Atlanta. Hampton Roads' annual consumer expenditures ($32.6 billion) exceeds that of twelve states. New retail development continues to occur in Hampton Roads, giving residents and tourists more shopping options. Look here for more information on the local retail landscape in Hampton Roads.
Military
In addition to being the home of the World’s largest Naval Base, Hampton Roads also has one the nation’s highest concentrations of active duty military. Specifically, Norfolk naval Shipyard ranks as the state’s largest federal industrial employer. Look here for more information on the military and how it has impacted the Hampton Roads economy.