NORFOLK, Va. — The economy in Virginia’s Hampton Roads region may be turning a corner for the better.
That’s according to The State of the Region report released Wednesday by Old Dominion University in Norfolk.
The annual report found that shipping, tourism and the defense industry are gaining momentum. The housing market is also showing slow but steady improvement.
But the region continues to face challenges. For instance, the number of opioid-related deaths has skyrocketed. Addiction is likely having a negative economic impact that includes lost productivity and increased costs for treatment and police.
College tuition is also increasing two to four times faster than the cost of other goods and services. And more people are moving away from Hampton Roads to places like Richmond and Atlanta.