NORFOLK, Va. — Author's note: The video above is on file from October 1, 2019.
Old Dominion University's Dragas Center for Economic Analysis and Policy and the Strome College of Business have released their annual "State of the Region" report. It breaks down current trends and key issues that are impacting economic growth and success.
This year, the 193-page report walks readers through seven key topics:
- COVID-19 recovery efforts and vaccine distributions.
- The impact of the pandemic on tourism in the area.
- The vital importance of their Apprentice School located at Newport News Shipbuilding.
- The future and current impact of the gambling industry in the area.
- The growth and ranking establishment of the university.
- The decline of local journalism, most prominently print publications, in the area.
- The history and current status of cash bail reform in Virginia.
The report highlights the deeply-rooted regional reliance Hampton Roads has economically on the U.S. military: four out of 10 dollars in the local economy come from the Department of Defense.
Economic researchers through the Dragas Center believe that a key to future success can be found in diversifying sources of revenue.
"We've got good news right now. Defense budgets are increasing. But the problem is, threats are increasing," said Director of the Dragas Center Robert McNab. "On the horizon are drones, cyber attacks, hypersonic missiles and all of those can undermine the things we produce and maintain in Hampton Roads."
"So when you have large, expensive platforms that were very capable but they're becoming increasingly vulnerable. So our concern is, how are we going to pivot when the national security of the United States has to pivot?" he continued.
On a more immediate level of urgency, economists at ODU are concerned about Congress and the debt ceiling.
"A debt default would throw thousands of people out of work in Hampton Roads. It would cut Social Security benefits, it would stop military pay," McNab said. "It would stop contracts. Why? Because the federal government would be unable to pay its bills."
You can read the complete report below: