|2010: Comprehensive Economic Development Strategy: Vision Hampton Roads - The Hampton Roads Region|
The region has dealt with the closure in 2006 of Ford Motor Company (Ford truck plant in Norfolk with more than 3000 workers), and in 2011, Fort Monroe, home of the Army's Training and Doctrine Command (TRADOC), closes as a result of 2005 BRAC actions. The economic downturn-turned recession of 2009 has also placed a strain on our economy with reductions in workforce within a number of large firms such as Smithfield Packing Company (650) and TeleTech (532). These reductions coupled with the threatened movement of a Norfolk-based aircraft carrier and closure of the Oceana Naval Air Station all place strains on the regionâ€™s economy.
Based on the 2000 Census, Hampton Roads is the 38th largest Metropolitan economy and the 34th most populated MSA in the country with a gross metropolitan product of approximately $72.4 Billion (2007). The regionâ€™s structure is characterized by the strong presence of the military, followed by real estate and rental leasing, construction, tourism, recreation and retail.
A Comprehensive Economic Development Strategy (CEDS) will provide Hampton Roads with a roadmap, i.e. a regional plan, describing economic conditions for the Hampton Roads metropolitan region, captures elements of previous economic development plans, and includes broad strategies and specific actions of prioritized importance that will position Hampton Roads as a leader in the global economy.
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