91制片厂鈥檚 25th annual State of the Region Report, which will be delivered at events in Norfolk and Newport News in early October, will note that while Hampton Roads is experiencing steady economic progress, there is plenty of room for job growth in the private sector.
鈥淗ampton Roads鈥 economy was a study in contrasts in 2024. For the first time in almost two decades, the regional economy grew in four consecutive years. A record number of individuals were in the civilian labor force and employed, and employers reported a record number of jobs. Job growth, however, lagged our peers,鈥 said Robert McNab, chair of the Department of Economics and director of the Dragas Center for Economic Analysis and Policy in the Strome College of Business. 鈥淣ow is the time to invest in key industry clusters to spur private-sector job growth in the region and build upon our recent economic fortunes.鈥
He noted that the pillars of the Hampton Roads economy鈥攄efense, the Port of Virginia and tourism鈥攔emain strong, however, the housing market is making home-ownership difficult for many.
鈥淭he recent rise in housing prices in Hampton Roads has priced many families out of the American dream of owning a home. Even though fewer houses sold in 2023, median single-family prices continued to rise,鈥 McNab said. 鈥淲e need to ask what can be done to increase the supply of housing in Hampton Roads for aspiring homeowners and renters.鈥
The annual report, produced by the Dragas Center, is intended as a service to decision makers and thought leaders in Hampton Roads, inserting data into discussions that affect our daily lives.
In addition to McNab, Vinod Agarwal, professor of economics and deputy director of the Dragas Center, will speak.
The events, which require preregistration, are scheduled for聽听补苍诲听.
The report is broken into six chapters:
As Good as It Gets? The Economy of Hampton Roads
The report notes that for the first time in almost two decades, the regional economy grew in four consecutive years.
Defense, the Port and Tourism: The Pillars of the Economy
There was mostly good news to report about the pillars of the Hampton Roads economy. Defense spending flowed into the region, declines at the Port were proportionally less than at other ports, and the hotel industry outperformed the state and the nation.
If You Zone It, They Will Come: The Supply of Housing in Hampton Roads
The recent rise in housing prices in Hampton Roads has priced many families out of the American dream of owning a home. In this chapter, the writers discuss how policies and regulations may influence decisions to build more homes.
Public Libraries: Enriching lives in Hampton Roads
This chapter examines the 63 public libraries in Hampton Roads and the diversity of services and resources they offer to our residents.
Are Disability Rates Rising in Hampton Roads?
In this chapter, the authors explore the differences in disability rates of workers across Hampton Roads.
The Greying of Hampton Roads
The number of residents aged 65 and over continues to rise. In this chapter, the authors explore how the region is aging and how that might impact its economic prospects.
Since 2000, the Dragas Center's State of the Region Report has been an October fixture, starting important conversations about topics that affect us all. After the Oct. 8 event in Norfolk, this year's State of the Region Report will be available聽, along with every other report produced by the Dragas Center.