Long-range forecast

Published September 28, 2023 by Bernie Niemeier

In this 2023 issue of Hampton Roads Business, several experts give us their takes on what the region will look like in 20 years.

A lot of what we think about Hampton Roads surrounds its strategic significance to the U.S. military as home to the world’s largest naval base and the nation’s largest military shipbuilding business, not to mention the Port of Virginia’s importance to Virginia’s economy and international trade. There are also the region’s beaches and historical sites, which attract millions of visitors annually.

Building on that base, these experts in fields ranging from economic development and workforce training to sea-level rise, made mostly positive predictions for the region’s future growth in wind energy, defense, entrepreneurship and historical tourism, while acknowledging that coastal resiliency will remain a significant challenge for the region’s residents and businesses, as well as the Navy and the port.

Meanwhile, this year’s guide delves into the up-and-down residential and commercial real estate markets; the Hampton Roads Biomedical Research Consortium’s focus on moving scientific research to marketable products; commercial rocket launches on Wallops Island; and the latest on the region’s major transportation and construction projects.

Additionally, the local leaders featured in this year’s Executive Insights section discuss the current business climate in Hampton Roads from a variety of perspectives, including banking, health care, the Navy and higher education. And as always, this guide offers numerous up-to-date charts and lists to provide you with the business intelligence you need to get to know the region.

If you aren’t already doing business in Hampton Roads, you should be. The talent pool being produced by local colleges and universities is outstanding. There is an ongoing supply of well-trained people who are completing military service and looking forward to entering the civilian workforce, as well as a plethora of resources and networking opportunities available from local chambers and economic development offices.

We hope that you will enjoy reading the 2023 issue of Hampton Roads Business. Our goal is to help everyone better understand the area’s economy and connect with the businesses that drive its success.

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