Hampton Roads Employment Growth
Like most of the United States, the Hampton Roads region was
significantly impacted by the Great Recession. Employment dropped,
home sales plummeted, and commercial vacancies rose. Most of the
sectors are in recovery, and the next few years should see better
performance in most of the real estate classes.
However, between 2020 and 2030, the growth will slow to 4,000 new
jobs annually. Their long-term projections do not take into account
major future recessions, but there are likely to be ups and downs in the
next 20 years.
The economic and demographic outlook for the region is projected to
be moderate for the next ten years. Between 2010 and 2020, Moody’s
projects that the MSA will add an average of 5,900 jobs annually.
As stated earlier, the Hampton Roads TPO projections are in-line with
Moody’s projections, but slightly more optimistic.
15 000
20,000
PROJECTED
Annual Employment Growth
Virginia Beach-Norfolk-Newport News, VA-NC MSA; 1990-2040
5 000
0
5,000
10,000
,
25 000
-20,000
-15,000
-10,000
- ,
- ,
Office Employment Growth
Total Employment Growth Excluding Military
Military Employment Growth
NOTE: This Data does not include military or government employment
Dominion Boulevard | City of Chesapeake | April 11, 2014 | E4-11982.40
26
Source: Moody’s Economy.com
