The State of the Region: Hampton Roads 2022
2022 may be characterized as the “best of times and worst of times.” Unemployment continued to fall, wages continued to rise, and homeowners experienced rises in property values. Hotels continued to rebound from the COVID-19 economic shock and the Port of Virginia experienced record volumes of cargo traffic. On the other hand, prices at the grocery store, gas station, and, it seems, almost everywhere else, continued to rise. Employers struggled to find the right employees at the right time and economic sentiment soured. Russia’s invasion of Ukraine highlighted the continuing revolution in military affairs brought about by drones and other unmanned systems. We ask how Hampton Roads fared over the past year and prospects for growth in 2023.
Dragas Center for Economic Analysis and Policy, Old Dominion University, "Part 1: Inflation, Drones, and the Economy of Hampton Roads" (2022). State of the Region Reports: Hampton Roads. 194.