Hampton Roads Market
- Annual consumer expenditures are larger than fifteen states ($39 billion).
- More than 23% of Virginia’s population resides in Hampton Roads (1,939,724 people).
- The population is expected to grow 4% in the next 5 years.
- Hampton Roads' median household income has outpaced the nation's over the past 10 years. It is projected to increase 12% over the next 5 years while the nation's is projected to grow 10%.
- Hampton Roads’ unemployment rate has been lower than the nation’s for over a decade.
South Hampton Roads
- Nearly two-thirds of Hampton Roads’ population and expenditures reside in South Hampton Roads (SHR).
- Virginia Beach, Norfolk, Chesapeake, Portsmouth, and Suffolk make up the five cities known as South Hampton Roads.
- SHR will account for nearly 65% of Hampton Roads’ growth over the next 5 years.
- Since 2000, SHR's median household income has grown faster than the remainder of Hampton Roads.
Consumer Buying Habits
While Hampton Roads ranks 43rd in adult population, it is among the top markets in the U.S. for :
Source: Scarborough Multi Market 2014 Rel. 1, Claritas PrimeLocation 2014, Bureau of Labor Statistics, U.S. Census Bureau and the ODU Forecasting Project