Hampton, VA Overview Hampton, Virginia, has a rich history dating back to the 1600s, which adds history and culture to ...
Hampton, VA Overview
Hampton, Virginia, has a rich history dating back to the 1600s, which adds history and culture to modern city life. Its population is just under 140,000, and it is one of seven cities to make up Virginia's Hampton Roads metro area. Recent residential and retail development in several parts of the city have provided a boost to Hampton's economy and have made it a more attractive tourist destination.
The cost of living in Hampton, VA is on par with the national average and is a few percentage points less than Virginia's average. Groceries and utilities are below average in Hampton, while housing and healthcare are above.
Hampton, VA Job Opportunities
As a main destination in Hampton Roads, many of Hampton's employment opportunities center around the tourism industry in jobs like retail, food service, and hospitality. Defense and aerospace are major economic drivers in Hampton. Telemarketing and engineering are main industries as well, but small businesses make up a considerable portion of the Hampton economy. Business park locations attract small businesses, and the presence of three universities and waterfront business locations attract small and large businesses alike.
Hampton, VA Employment Trends
Though the Hampton Roads economy has not grown as much as other Virginia metropolitan areas in recent years, the economic growth outlook is good, with slow but steady development predicted in the next few years. Private sector jobs give the economy a boost, and new investment and development in the real estate market contribute, too.
Hampton's unemployment rate in 2015 hovers between 5.7 and 6.2 percent, which has been affected in years past by government spending cuts. Some of Hampton's slow unemployment recovery has been due to cuts like this in the past. Though unemployment rates fluctuate month to month, the general trend is still a slow decline in unemployment.