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The Hampton Roads Economy: Recession, Sequestration, and Beyond

The Hampton Roads Economy: Recession, Sequestration, and Beyond. Sonya Ravindranath Waddell June 6, 2013. The views expressed in this presentation are my own and do not represent the views of the Federal Reserve Bank of Richmond or the Federal Reserve System. Virginia Payroll Employment.

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The Hampton Roads Economy: Recession, Sequestration, and Beyond

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  1. The Hampton Roads Economy: Recession, Sequestration, and Beyond Sonya Ravindranath Waddell June 6, 2013 The views expressed in this presentation are my own and do not represent the views of the Federal Reserve Bank of Richmond or the Federal Reserve System.

  2. Virginia Payroll Employment Source: Bureau of Labor Statistics/Haver Analytics

  3. Regional Payroll Employment Source: Bureau of Labor Statistics/Haver Analytics

  4. Industry Structure in Hampton Roads Source: Bureau of Labor Statistics/Haver Analytics

  5. Employment Change by MSAThousands of Jobs

  6. Total Employment Growth by MSA Source: Bureau of Labor Statistics/Haver Analytics

  7. Industry Growth in Hampton RoadsPercent Change in Employment from a Year Ago Source: Bureau of Labor Statistics/Haver Analytics

  8. Unemployment Rate—Hampton Roads Source: Bureau of Labor Statistics/Haver Analytics

  9. Source: Bureau of Labor Statistics/Haver Analytics

  10. Mortgage Foreclosures Source: McDash Analytics/LPS and FRB Richmond estimates, using Mortgage Bankers Association data

  11. Mortgage 90+ Day Delinquencies Source: McDash Analytics/LPS and FRB Richmond estimates using Mortgage Bankers Association data

  12. Seriously Delinquent Mortgages Source: McDash Analytics/LPS and FRB Richmond estimates using Mortgage Bankers Association data

  13. Percentage of Owner-Occupied Total Loans with 90+ Day Delinquency: Hampton Roads

  14. House Prices Source: CoreLogic Information Solutions

  15. Norfolk Commercial Real Estate Trends: Vacancy Q1 2013: Office: 13.7% Industrial: 11.4% Source: CB Richard Ellis

  16. Norfolk Commercial Real Estate Trends: Asking Rent Q1 2013: Office: $13.68 Industrial: $5.43 Source: CB Richard Ellis

  17. Norfolk Commercial Real Estate Trends: Completions and Net Absorption Source: CB Richard Ellis

  18. Norfolk Multi-family Housing Real Estate Trends Q1 2013: Vacancy Rate: 6.0% Rent Per Unit: $939.58 Source: CB Richard Ellis

  19. Federal Contract Spending (2012) Source: USAspending.gov

  20. Federal Contract Spending in the Virginia Beach Metro Area Source: Federal Procurement Data System

  21. Federal Contract Spending in the Virginia Beach Metro Area by County Source: Federal Procurement Data System

  22. Federal Contract Spending in the Virginia Beach Metro Area by Contracting Agency Source: Federal Procurement Data System

  23. Bottom Line Employment growth in Virginia Beach has lagged that in Virginia for the past few years, but has started to outperform the state as a whole recently. Housing markets in Hampton Roads are improving, according to foreclosure activity, house prices, and reports from Virginia Realtors. Although economic activity is picking up, Hampton Roads still has a ways to go to regain the losses of the past few years. In addition, the full effect of the sequester on the Hampton Roads economy is still not known but this is and will be one of the most affected areas of Virginia and of the nation.

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