Young people leaving Hampton Roads: Check the reports here

Young people leaving Hampton Roads: According to a recent analysis by Old Dominion University economists, young people are departing Hampton Roads for brighter pastures, which is concerning for a community hoping to boost its economy and move past the epidemic.

The most current State of the Commonwealth report from the ODU Dragas Centre for Economic Analysis and Policy indicates that Virginia and Hampton Roads are growing at a slower rate than other regions, which may indicate a lack of economic possibilities.

According to the paper, “the cost of living and economic opportunities are closely correlated with population growth in large urban areas.” “Slower job growth could lead locals to look elsewhere for financial success.”

The study looks at how Virginia’s population has changed inside the seven Go Virginia districts, which were established in 2015 as a means of dividing the state into zones designated for economic growth.

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Young people leaving Hampton Roads

The Eastern Shore and Hampton Roads include Region 5, which had a decline in population from 23.6% in 1990 to 20.2% in 2022.

According to the research, “Region 5’s population has essentially experienced zero population growth this decade and has grown slower than the state average each of the last three decades.”

On the other hand, Region 7, which encompasses Northern Virginia, has seen an increase in population, going from 23.7% in 1990 to 29.3% in 2022.

The population has stagnated as a result of young people (20–34) leaving the area for employment opportunities elsewhere. As per the research, the population in that age group experienced a decrease of around 0.5 percent, going from 394,728 in 2020 to 391,168 in 2022.

Virginia’s population increased by barely 0.3% between 2020 and 2022, the research states. During the same period, the population of neighbouring North Carolina increased by 1.2%.

Estimates from the Census Bureau show that, like the rest of the state, Hampton Roads’ population increased by 0.3% over the same years. In contrast, the population of the Raleigh, North Carolina, metro region increased by around 4.7% over same time.

According to the Bureau of Labour Statistics, Hampton Roads saw a 0.7% rise in nonfarm jobs between October 2022 and October 2023, significantly less than comparable metro regions like Raleigh (3.7%), Jacksonville, Florida (4%), and Charlotte, North Carolina (2.4%).

Notwithstanding, the analysis projects a 2% rise in Virginia’s real gross domestic product in 2024—that is, if inflation stays low and other economic conditions hold steady.

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Ways to increase employment

According to a news release from ODU economist and primary research author Bob McNab, “the Virginia economy should grow in 2024, but work remains to be done to match the economic performance of our peers.”

McNab suggested a number of ways to increase employment and attract newcomers to the state, such as:

• Ensuring that recent college grads are prepared for the jobs that companies need filled.
• Increasing labour force participation through spending on childcare, health insurance, and mental health services.
• Addressing the pandemic’s aftereffects on education and the opioid problem.
• Financing state-wide infrastructure initiatives that foster growth.