Key Findings – Economy and Demographics
•
The Virginia Beach-Norfolk-Newport News MSA (VA Beach
MSA) is poised to see moderate growth in the next 20 years
.
Many of the industries upon which the region has grown (military,
contractors, transportation, and government) are projected to have
moderate to weak future growth.
sectors to the area including: Industrial
Technologies,
Communication Technologies, Military Support Industries, as well
as others.
• Household growth in the region is tied to both primary home
• However, there are strong sectors of future economic growth that
should positively impact the region including
Professional and
Business Services, Health Services, and Construction
. In
addition, the City of Chesapeake is working to bring additional
development related to jobs and to retirement home growth which
is less dependent upon job growth.
The region is very attractive
for both groups of households given the relatively low cost of
living, good schools, nice climate, amenity base, and location
close to the ocean.
Annual Employment Growth
Virginia Beach-Norfolk-Newport News, VA-NC MSA; 1990-2040
15 000
20,000
PROJECTED
5 000
0
5,000
10,000
,
25 000
-20,000
-15,000
-10,000
- ,
NOTE: This Data does not include military or government employment
- ,
Office Employment Growth
Total Employment Growth Excluding Military
Military Employment Growth
Dominion Boulevard | City of Chesapeake | April 11, 2014 | E4-11982.40
4
Source: Moody’s Economy.com
