Local / Virginia

Navy adds nearly $10B to Hampton Roads economy

NORFOLK, Va. (AP) — A new report says the Navy added nearly $10 billion to the Hampton Roads area’s economy in the 2014 fiscal year.

The report released Monday by the commander of Navy Region Mid-Atlantic says the Navy’s direct economic impact increased by $770 million to $9.98 billion, compared to the previous fiscal year.

Direct economic impact includes military and civilian payroll, procurement of goods and services, and the number of ships and aircraft squadrons homeported in Hampton Roads.

The Navy says annual military and civilian payroll rose from $7.8 billion to $8.4 billion during the period. Procurement of goods and services increased from $1.3 billion to $1.46 billion. Homeported ships and aircraft squadrons each increased by one.

 

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.