Relocation Info
Hampton Roads held up better than the national economy through the 2001 recession and the slow, jobless (“job-loss”) recovery. Housing and tourism have been strong. More than 40,000 new jobs were created in the region during 2000-2004 and the trend continues in 2005/2006.
Three of the four main job concentrations in all of Hampton Roads are Virginia Beach (169,000), Norfolk (148,000) and Chesapeake (85,000).
Demographics
Occupationally, the 1.6 million-person market contains a diverse population of service industry employees, technology workers, military servicepeople, contractors’ employees, government employees and self-employed individuals. It is, for the most part, a skilled work force with a wide range of education levels.
Income levels are slightly below the U.S. average. This is primarily because of the preponderance of military servicepeople in the region. Nevertheless, the housing boom has produced a level of home ownership far higher (75%) than the national average (68%).
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