Document Type

Book Chapter

Publication Date

2024

DOI

10.25776/ryty-bc04

Publication Title

The State of the Region: Hampton Roads 2023

Pages

33- 61

Abstract

There was (mostly) good news to report about the pillars of the Hampton Roads economy in 2024. More defense spending flowed into the region. While cargo traffic declined at the Port of Virginia in 2023, the declines were mainly driven by outbound cargo traffic. The declines at the Port were also proportionally less than many other ports across the nation. Nominal hotel revenues continued to climb, but real hotel revenues fell in 2023 as occupancy rates dipped slightly. The hotel industry, however, continued to outperform the state and the nation.

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