In 2004, AngelouEconomics completed an Economic Assessment and Targeted Business Study for the Hampton Roads Economic Development Alliance. The study area included the cities of Chesapeake, Norfolk, Portsmouth, Suffolk, Virginia Beach, and the Isle of Wight County. The Hampton Roads region is represented by all branches of the military, including the Army, Navy, Air Force, Marines, and Coast Guard. The region is home to Naval Station Norfolk, the largest Navy base in the world. The region also has the largest number of headquartered military commands outside of Washington D.C., including the U.S. Joint Forces Command. In total, nearly 100,000 military personnel are employed in the region.
With such a large military presence, our plan took an in-depth look at the role the military plays in all aspects of the regional economy. Including,
- The effect of existing military, and trailing spouses on the local labor force,
- The role of federal defense budgets and spending on the region’s industries, and identification of potential target industry opportunities in defense contracting,
- The potential spin-off applications of military research and advanced security technologies, and partnership opportunities for local companies in both R&D and commercializing new products.
As a result of this study, AE provided the Alliance with a thorough review of the region’s economy, identification of target industries, and a benchmarking analysis to identify the region’s competitiveness against similar metropolitan areas.