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Hampton Roads ranks in middle in 2 economic studies

Hampton Roads placed in the middle of the pack in two reports released Tuesday on exports and gross domestic product.

The region ranked 54th of 100 metropolitan areas in the value of its exports last year, according to a study by the Brookings Institution, a Washington think tank. The report counts exports produced in Hampton Roads, not those that pass through the port from elsewhere.

The value of exports from Hampton Roads totaled $6.23 billion in 2012, or 7.2 percent of the area's total economic output, said the Brookings report, "Export Nation." It was significantly less than the 13.9 percent share that exports contributed to the output of all metro areas.

Broken down by industry, shipping and meat and poultry products were the largest sources of exports from Hampton Roads, at 7.5 percent and 7 percent, respectively.

Meanwhile, the total economic output - or the value of all goods and services produced - in Hampton Roads grew 2 percent last year, the federal government reported Tuesday.

That was less than the 2.5 percent average increase for metropolitan areas in 2012, said the Bureau of Economic Analysis, a division of the U.S. Commerce Department.

But it was higher than the past two increases - 1.2 percent in 2010 and 0.5 percent in 2011 - in Hampton Roads.

The region ranked No. 166 among 381 U.S. metropolitan areas in terms of its increase in output, or gross domestic product, the bureau said.

Old Dominion University's Economic Forecasting Project last month predicted that the region's domestic product, constrained by the effects of sequestration-related defense cuts, would grow 1 percent this year.

Philip Walzer, 757-222-3864,phil.walzer@pilotonline.com

Posted to: Business

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QUESTION?

--don't you just love numbers.-I do.-used to play with them in college in several different classes.to make anything sound good or bad.

--like a lawyer that argues either side of an argument for the right price.

--first question-what do they consider HAMPTON ROADS?
--what city was highest?
--what city was lowest?
--how many cities had no impact on the numbers other than to lower or raise them?-0 productivity?-any?--how many?

--too many questions without answers to judge the real value of that information.

--too many ways to twist the answers in any direction

for example the unemployment numbers DO NOT include anyone NOT trying to find work anymore.-if you gave up, you're disregarded like trash-ARE NOT COUNTED obscuring the numbers

Something is missing

The study appears to be focusing only on commercial products? Hampton Roads exports warships, sailors, soldiers, jets and airmen in abundance. I imagine we are in the top 3 for that. I'm proud of that heritage, and I guess if that were considered we'd be much further up the list.

Typo?

I sure hope we shipped $6.23 billion worth not $6.23 million worth of cargo....

Frame of Reference

For what it's worth, it might be interesting to note that HR's total 2012 exports of $6 Bil would have funded the Iraq and Afghanistan wars for 18 days in 2012; and in 2008, at the height of war spending, for only 12 days.

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