Do you think Hampton Roads is better off then most of the country ? Thanks to a strong military influence and defense spending its likely we will be spared the worst hit of the recession.
I know there are individuals who are really having a tough time and I by all means am not trying to paint a picture that is inflated. How ever the fact remains that there are many areas of the recession that are not that bad here. This past Tuesday the Virginia Pilot posted some interesting reports about the top 100 metro areas. Do yo know where we rank ?
1. Employment #16 – from a peak of 2007 we are down 2.1% as compared to 3.8% in the top 100 metros
2. Unemployment # 17 we are at 7.4% and well below 9.7% for the other metro areas
3. Regional out put # 6 we have slipped .08% from the peak of last years third quarter. the average decline for the top metros 3.7%
4. Housing #57 Prices still are at a decline but only 2.1% from last year. The average for the metros are 4.4%
5 Home ownership # 56 out of 1000 mortgages 2.43% are in filing for foreclosure. average for the metros are 4.20%
We rank over all in the top 20 strongest metros . Im not trying to say live like there is not tomorrow but we really are much better off than most. Its a stong reflection of haveing substantial military in the area. THANK YOU MILITARY !