Regional Factors
The Hampton Roads economy affects our City's economy and our future. Because Hampton Roads is dependent on the defense sector, other cities in the region are also striving to diversify their economies, resulting in intense competition for the limited number of new manufacturing plants, high-tech firms and office users. The Peninsula has a reputation for leadership in applied high technology and this helps Newport News to attract and retain technology-oriented companies. However, high technology spin-off does not happen by itself. Newport News must continue to work aggressively to capitalize on Jefferson Lab's presence in our economy.
Hampton Roads is a leading East Coast port and continues to grow rapidly. The port has generated a significant demand for modern, “big box” distribution and warehousing facilities in the region. However, because of its limited land resources, Newport News is not able to—nor would it be wise to—compete for these large distribution centers, unless land near Newport News Marine Terminal is redeveloped for industrial use.
Today's economic base frames our economic future. We must live with what we are and build on our strengths. The coming decades will provide opportunities to make significant changes in our economic base. If we plan and choose wisely, these changes will be positive.