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Hampton Roads, Virginia

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Hampton Roads, Virginia CANADA Boston, MA (642 miles) economic developmenteconomic alliancedevelopment alliance New York, NY (430 miles) Chicago, IL (902 miles) Philadelphia, PA (287 miles) Washington, DC (203 miles) Newport News Poquoson HAMPTON Newport ROADS, VA News Poquoson Hampton Charlotte, NC (316 miles) Hampton Atlanta, GA (585 miles) Isle of Wight Isle of Wight Norfolk Norfolk Portsmouth Virginia Southampton Portsmouth VirginiaBeach Southampton Beach Orlando, FL (743 miles) Suolk Chesapeake Suolk Franklin Chesapeake Franklin 1.7MM+ 850K+ CIVILIAN 4 PORT 47% OF US CONSUMERS POPULATION LABOR FORCE TERMINALS WITHIN ONE DAY’S DRIVE Welcome to Hampton Roads, Virginia Recognized as the 37th largest Metropolitan Statistical Area (MSA) in the United States, Hampton Roads, Virginia is strategically located in the heart of the mid-Atlantic. Our region is a tightly integrated, diverse collection of 11 localities, all of which provide a wealth of benefits for businesses and organizations of every variety. Our collection of communities is connected by a convenient and accessible transportation network which allows multiple methods for moving goods and services between national and international markets. In fact, 47% of all U.S. consumers are within one day’s drive of the region. In addition to its superior infrastructure, Hampton Roads is home to the Port of Virginia, the fastest growing port on the East Coast. Located in Foreign Trade Zone #20, the Port of Virginia features an unobstructed ice-free harbor with 50-ft deep channels and a location 18 miles from the open sea. As the only East Coast port with congressional authorization for 55-ft depth channels, the Port of Virginia will have the ability to accomodate the largest container ships ever to be built. Hampton Roads Economic Development Alliance www.hreda.com Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area February 2019 e driv r 87 ou h 93 s 1- e 1 Boston l 95 i 90 LOCATION & ACCESSIBILITY m 81 90 0 5 The Hampton Roads region is linked to 7 Detroit New York 79 80 domestic markets by one of the country’s 80 Chicago Cleveland Philadelphia most modern highway systems. Baltimore 70 Washington D.C. 79 95 of the U.S. population lives 75 64 within an 11-hour drive 64 HAMPTON 47% St. Louis 77 81 ROADS, VA 65 of the U.S. population lives Raleigh Knoxville 75% within a 750 mile radius 40 40 40 75 Charlotte 85 Atlanta Charleston AIR TRAVEL 20 20 Two airports, Norfolk International Airport and Newport News/Williamsburg International Airport, Montgomery 75 95 serve the Hampton Roads region and are located Jacksonville within 30 minutes of most business and residential areas. Combined, they serve four million passengers annually and offer over 200 flights per day. Orlando Daily direct flights to the following hubs: COST OF DOING BUSINESS Charlotte, NC Atlanta, GA Baltimore, MD Chicago, IL Detroit, MI Chicago, IL Virginia is an employer-friendly state with its “Right to Work” Miami, FL New York, NY New York, NY and “Employment at Will” labor structure. Our low business Philadelphia, PA Chicago, IL costs include a workers’ insurance rate 42% below the Washington, D.C. national average, a corporate income tax rate of only 6%, Newark, NJ Washington, D.C. that has not increased since 1972, and unemployment insurance rates among the lowest in the nation. RAIL SERVICE Top State Most Innovative Hampton Roads enjoys exceptional cargo handling for Business State in America and transportation through the extensive rail service #4 CNBC, 2018 #7 WalletHub, 2018 provided by Norfolk Southern and CSX. Highest Share of Science and Engineering Grads Age 25+ in the U.S. #5 WalletHub, 2018 ANNUAL WAGES AND COST SAVINGS Boston Detroit The mean annual wage rate across all occupations in New York Hampton Roads is nearly 7% below the U.S. average. Cleveland Chicago Philadelphia Baltimore Hampton Roads, Virginia - Annual Wage Rate (All Occupations) Washington D.C. $47,410 HAMPTON ROADS, VA Raleigh U.S. AVERAGE — $50,620 Charlotte BALTIMORE, MD — $56,400 Atlanta Charleston ATLANTA, GA — $51,390 Norfolk Southern NEWARK, NJ — $62,870 CSX Jacksonville 2017 annual averages Orlando Miami REGIONAL PROFILE THE PORT OF VIRGINIA The Port of Virginia is a significant economic Population 1,750,000 force supporting jobs and commerce across Median Age 36 Hampton Roads, Virginia and the Mid-Atlantic. Labor Force 850,000* Employed 820,000* in infrastructure investments to Unemployed 25,000* $700MM be completed within two years Unemployment Rate 3.0%* increased capacity and 1.2 million additional containers by 2020 KEY EMPLOYERS 40% Automatic Data Processing, Inc. (ADP) TEU throughput in 2018 Canon Virginia, Inc. 2.9MM Dollar Tree Stores, Inc. GEICO Corporation Huntington Ingalls Industries 6 terminals in Virginia Smithfield Foods, Inc. *2018 annual averages 7% year-over-year TEU growth TALENT & WORKFORCE 50-foot shipping channels, with congressional authorization for 55-feet Hampton Roads is home to a workforce of over 850,000, replenished annually by over 8,200 highly trained and disciplined exiting military 2.5 hours personnel who establish residency in the region. to open sea EDUCATION Zero air-draft restrictions Colleges & Universities 37% of cargo arrives/departs by rail, 12 the most of any U.S. East Coast port Trade & Technical Institutions 21 36,800 linear feet, almost 30 miles of on-dock rail track 100,000+ Students Boston 140+ direct weekly routes Detroit New York Cleveland Degrees Conferred Annually Chicago Philadelphia 25,000+ Baltimore Washington D.C. Raleigh Charlotte 91% 66% Atlanta Charleston Population with Population a High School With At Least Norfolk Southern Diploma or Higher Some College *TEU stands for twenty-foot equivalent units CSX which is a method to measure the number Jacksonville vs. U.S. average of 88% vs. U.S. average of 61% of containers traveling through the port. Orlando Miami TARGET INDUSTRIES Hampton Roads, Virginia is the premier location for companies looking to expand in the following industries: COMPETITIVE STRENGTHS & ASSETS • Robust and highly trained workforce BUSINESS & SHARED SERVICES • Strong student and research base Focus on Finance and Human Resources • Exceptional connectivity to continental U.S. • Fastest growing port on the East Coast • Low cost of business INFORMATION TECHNOLOGY Focus on Software Development LIFESTYLE Hampton Roads enjoys a mild temperate coastal climate enhanced ADVANCED MANUFACTURING by outstanding residential and recreational Focus on Transport Technologies options including: expansive shoreline and beaches, amusement and theme parks, museums, performing arts, festivals, professional sports, regional shopping malls and outlet centers, colonial cities and towns, state and national parks, and much more. FOOD & BEVERAGE PROCESSING Home of Colonial Williamsburg and the Jamestown Settlement, Hampton Roads has been making history since 1607. DISTRIBUTION & LOGISTICS OUR SERVICES The Hampton Roads Economic Development Alliance is dedicated to assisting you with your business relocation or expansion needs across our 11 localites. The decision to invest in a new or expanded operation is never taken lightly. Our goal is to match the business needs required for your company to be successful with the assets found in Hampton Roads, Virginia. Our objective is to facilitate the evaluation process and provide powerful tools that save you time and money as you seek to locate your new business operations in the Hampton Roads region. Connect with us today. 500 Main St, Suite 1300 • Norfolk, VA 23510 • USA +1-757- 627-2315 [email protected] economic development alliance www.hreda.com @HamptonRoadsEDA.
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