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

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  • James Koch

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

Suggested Citation

  • James Koch, 2012. "Regional Economic Impacts of the World-Wide Recession: A Case Study of Hampton Roads, Virginia," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 18(2), pages 163-176, May.
    • Handle: RePEc:kap:iaecre:v:18:y:2012:i:2:p:163-176:10.1007/s11294-012-9346-3
    DOI: 10.1007/s11294-012-9346-3
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    References listed on IDEAS

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    1. Congressional Budget Office, 2011. "Long-Term Implications of the 2012 Future Years Defense Program," Reports 41535, Congressional Budget Office.
    2. Congressional Budget Office, 2011. "Long-Term Implications of the 2011 Future Years Defense Program," Reports 21982, Congressional Budget Office.
    3. Jian Wang, 2010. "Durable goods and the collapse of global trade," Economic Letter, Federal Reserve Bank of Dallas, vol. 5(feb).
    4. Congressional Budget Office, 2011. "Long-Term Implications of the 2011 Future Years Defense Program," Reports 21982, Congressional Budget Office.
    5. Congressional Budget Office, 2011. "Long-Term Implications of the 2012 Future Years Defense Program," Reports 41535, Congressional Budget Office.
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