Navy’s economic impact on Hampton Roads increases by $1.5 billion

Posted at 11:04 AM, Nov 21, 2017

NORFOLK, Va- The Navy's impact on the Hampton Roads economy increased by more than $1.5 billion during the last fiscal year.

Navy Region Mid-Atlantic released the FY16 Department of the Navy impact statistical data for the Hampton Roads area this month.

The report details the fiscal year that began October 1, 2015 and ended September 30, 2016.

It includes the amount of capital infused directly into the local economy from salaries, expenditures, and contract payments for services that support the Navy in Hampton Roads.

Total direct impact on the economy for FY16 was $12.3 billion, an increase of approximately $1.56 billion over the previous year.

"It is the largest single agency of the federal government in Hampton Roads, with an enormous economic footprint. This report just goes to amplify and put an exclamation point at the end of that sentence," Craig Quigley, Executive Director of the Hampton Roads Military and Federal Facilities Alliance told News 3 anchor Todd Corillo.

Payroll saw a jump from $8.9 billion to $10.1 billion in FY16, which includes military, civilian, and contractors.

The number of homeported ships in Hampton Roads rose from 65 to 67, while aircraft squadrons decreased from 39 to 37.

You can read the statistics from the Navy Region Mid-Atlantic here: Navy economic impact on Hampton Roads (FY2016)