Navy’s economic impact in Hampton Roads reached $15.4B in fiscal year 2019

Military

(WAVY) — The U.S. Navy says it spent more than $15.4 billion in Hampton Roads during fiscal year 2019.

Navy Region Mid-Atlantic released a report Monday reporting the Navy’s local economic impact.

2019’s spending number is about $600 million less than 2018’s.

The Navy said that $600 million decrease is mostly due to less spending for the procurement of goods and services at the Navy’s six installations in the region. Those services include construction, maintenance and repair.

Several large projects were finished in fiscal year 2018, including refurbishing the pier at Naval Station Norfolk so it could accommodate Ford-class aircraft carriers, as well as constructing a new pier at Norfolk Naval Shipyard so it could accommodate repair and maintenance of two aircraft carriers at once.

Still, spending in fiscal year 2019 still outpaced fiscal year 2017 by nearly $1.3 billion, the Navy said.

“This report shows the Navy continues to be a major economic driver in Hampton Roads that provides meaningful employment for uniformed personnel and civilians while also supporting private businesses throughout the region,” said Rear Adm. Charles W. Rock, commander of Navy Region Mid-Atlantic.

During this period, military family members declined by about 10,000 people in the region, while retiree and survivors increased by about 1,300.

“Service members are choosing to come back to Hampton Roads or stay here once they retire because of the incredible support and quality of life the local community offers our veterans,” Rock said. “Our Sailors are highly talented and driven. Many of them will start second careers in the private sector and volunteer in their communities as they continue to serve. There’s no better place to live than right here in Hampton Roads, America’s Navy town.”


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