Document Type

Book Chapter

Publication Date

2005

Publication Title

The State of the Region: Hampton Roads 2005

Pages

4-17

Abstract

Our regional economy continues to perform better than the Commonwealth of Virginia and the nation. The 2000-2004 time period is the best five year time period our region has experienced since 1969. Employment increased four times as rapidly as national employ-ment and we experienced significant job growth in scientific, technical and information technology occupations—-something that has largely eluded us in the past. Defense expenditures increasingly dominate the region’s economy and account for about 75 percent of all recent growth. However, the BRAC process could throw a huge wrench into this prosperity. If all BRAC recommendations, including the closure of Oceana, were adopted, and nothing took the place of these activities, then the region would lose about 2.6 percent of its jobs and a roughly equivalent amount of its gross regional product.

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