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Latest Hampton Roads Navy report shows increase of $770 million back into economy

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Posted at 10:32 PM, Oct 19, 2016
and last updated 2016-10-23 14:01:22-04

NORFOLK, Va. – Each year the Navy releases an Economic Impact Report which lays out just how much direct capital is being infused back into local economies.

The Commander of the Navy Region Mid-Atlantic released the data for the Hampton Roads area for the 2015 fiscal year on Wednesday.

The direct economic impact for the Hampton Roads area was $10.75 billion which was an increase of about $770 million over fiscal year 2014.

Annual payroll (military and civilian) saw an increase from $8.4 billion to $8.9 billion.

The procurement of goods and services also saw an increase of nearly $208 million in fiscal year 2015.

The report shows the amount of direct capital infused into the local economies as a result of salaries, expenditures, and contractual payment for services rendered in support of installation and activities.