April 04, 2020

Economic Impacts of COVID-19: Estimates for Hampton Roads

The Hampton Roads Planning District Commission used their REMI PI+ model to provide estimates for two scenarios, moderate and severe, in this initial attempt to understand the potential economic impacts of COVID-19 on their region. Both scenarios resulted in significant declines for the region’s employment and gross domestic product estimates compared to 2019 actual values, with an approximate total of 35,000 to 50,000 jobs lost due to the pandemic. Despite these staggering figures, the decreases that the Hampton Roads area will experience fall below the projected national average thanks to the unique stability of the region’s workforce that places a heavy emphasis on federal employees and imports/exports.

Hampton Roads Planning District Commission – Economic Impacts of COVID-19 – Estimates for Hampton Roads [full PDF]