Market Overview

Hampton Roads Market

• The largest market between Washington D.C. and Charlotte.
• Annual consumer expenditures are larger than fourteen states ($37 billion).
• More than 23% of Virginia’s population resides in Hampton Roads (1,918,357 people).
• The population is expected to grow 3% in the next 5 years.
• Over the next 5 years Hampton Roads’ median income is projected to grow 8% versus a 1% growth for the nation.
• Hampton Roads’ unemployment rate has been lower than the nation’s for over a decade.

South Hampton Roads

• Nearly two-thirds of Hampton Roads’ population and expenditures reside in South Hampton Roads (SHR).
• Virginia Beach, Norfolk, Chesapeake, Portsmouth, and Suffolk make up the five cities known as South Hampton Roads.
• SHR will account for nearly 65% of Hampton Roads’ growth over the next 5 years.
• Since 2000, SHR's median household income has grown faster than the remainder of Hampton Roads.

Consumer Buying Habits

While Hampton Roads ranks 44th in adult population, it is among the top markets in the U.S. for :
    
    
    

Source: Scarborough Multi Market 2013 Rel. 1, Claritas PrimeLocation 2013, Bureau of Labor Statistics