Hampton Roads ranks 2nd in the nation in economic performance and ranks No. 36 out of 150 global regions according to a report published on November 30th. The study was conducted by the Brookings Institution, London School of Economics and Political Science and Alfred Herrhausen Society.
The report analyzed economic performance in three segments: pre-recession (1993-2007), recession (2007-2010) and recovery (2009-2010). Hampton Roads, listed as Virginia Beach in the report, has improved its economic performance significantly throughout the recession. During pre-recession, the region was ranked 92, as compared to a recovery ranking of 36. Rankings are based on data of employment and economic output, or the value of the goods and services produced in an area, per person.
Alan Berube, a co-author of the report and a senior fellow at Brookings attributes the region’s strong rankings to its high concentration of military and over government workers. Compared to other United States cities, only Austin, Texas, is ranked higher than Hampton Roads. As for the 30 highest-performing regions, 29 were outside of the United States and Europe.