Economy Summary
Economic competitiveness yields income and job growth for residents of the Hampton Roads region. The quality of the region's economy directly affects businesses, citizens, and institutions. Highlights of the Hampton Roads regional economy include:
- The Great Recession has had its effect across Virginia, turning the employment growth rate negative in the Hampton Roads region since 2007.
- The rate of growth in per capita income in the Hampton Roads metropolitan area is outpacing the national average.
- Three Hampton Roads colleges and universities consistently rank in the top 200 nationally for science and engineering research expenditures.
- The Port of Hampton Roads is widely regarded as one of the top deepwater harbors on the East Coast.
- The Hampton Roads metropolitan area, home to more than one million residents, gained population between 2008 and 2009 despite a loss in net migration to the area.
The economic indicators help to assess the progress that the region is making and understand the key elements that influence economic competitiveness for the region.
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