NORFOLK, Va. — Virginia and Hampton Roads may be on the verge of a population rebound.
More states are seeing population growth than in any year since the start of the pandemic. The southern U.S. is leading the way, accounting for 87% of the nation's growth in 2023, according to US Census Bureau Data.
But up until now Virginia and Hampton Roads seemed to be outliers, telling a different story about population and future economic growth. Our region's share of the state's population dropped from 23.6% in 1990 to just over 20% in 2022.
But the latest estimates show a potential rebound across the state and region.
It’s not much, but Hampton Roads added 1,779 residents in 2023. Even though it’s only a 0.1% increase, it’s a sharp climb compared to 2022’s decline.
Economists say the population growth rate is closely aligned with economic opportunities, but perspective is important; look to our southern neighbors for that. North Carolina's population has increased at a rate four times higher than that of the Commonwealth’s since 2020.
While the slow population growth rate 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 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.