Regional Economic Impacts of the World-Wide Recession: A Case Study of Hampton Roads, Virginia

James Koch

International Advances in Economic Research, 2012, vol. 18, issue 2, 163-176

Abstract: Defense spending accounts for more than 45 percent of all economic activity in the Hampton Roads, Virginia metropolitan region (population 1.67 million and gross regional product $81 billion annually). Between 2008 and 2010, this was highly advantageous. Not only did defense spending double during the decade, but also it increased by about five percent annually during the recession. This buffered the region from extensive recession damage. Hence, in November 2010, the regional unemployment rate was only 7.0 percent, while it was 9.8 percent nationally. However, this scenario has begun to reverse itself. The growth in defense spending has come to a halt and almost surely will decline in the years ahead. Difficult times are on the horizon for Hampton Roads. Copyright International Atlantic Economic Society 2012

Keywords: Regional economics; Defense spending; Economic recession (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/s11294-012-9346-3

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