NORFOLK, Va. — More states are seeing population growth than in any year since the start of the pandemic, according to the latest U.S. Census Bureau data.
The southern U.S. is leading the way, accounting for 87% of the nation’s growth in 2023. But Virginia and Hampton Roads seem to be outliers, telling a different story about population and future economic growth.
According to a new report from economists at Old Dominion University (ODU), our region’s share of the state’s population has dropped from 23.6% in 1990 to just over 20% in 2022. Economists say the rate of population growth is closely aligned with economic opportunities.
The report also shows young people, ages 20-34, are leaving the area for better jobs in other cities.
Compare the trend to our neighbors to the south, North Carolina’s population has increased at a rate four times higher than that of the Commonwealth since 2020.
While the population decline in Hampton Roads, and Virginia, may indicate economic struggles in the future, it’s not all bad news in the present.
A record number of Virginians found work in the last year and labor force participation jumped above pre-pandemic levels.
And the report suggests 2024 could be an even better year if inflation is tempered. ODU economists predict a 2.0% increase in Virginia’s gross domestic product, a key indicator of economic growth.
The report also lays out suggestions for improving state and regional economies. They include accelerating the construction of Interstate 87 to leverage the Port of Virginia and better connect the economies of Virginia and North Carolina and improving East-West traffic corridors by improving rail service and widening existing roads.