Norfolk, Va. – The Navy has released the latest figures on its economic impact on Hampton Roads, and procurement expenditures have helped boost its totals.
According to the Navy, total direct economic impact to the region saw an increase of approximately $1.5 billion from $13.4 billion in fiscal year 2010 to $14.9 billion in fiscal year 2011.
Total annual payroll (military and civilian) remained steady at $8.5 billion. However, procurement expenditures increased $1.1 billion from approximately $5.2 billion in fiscal year 2010 to $6.3 billion in fiscal year 2011.
Operationally, the number of ships home ported in Hampton Roads increased from 84 to 87, and the number of aircraft squadrons also increased by one from 36 to 37.