Economy
Hampton Roads is home to four Fortune 500 companies. Representing the food industry, transportation, retail and healthcare, these four companies are located in Smithfield, Norfolk, Chesapeake and Virginia Beach.
Hampton Roads has become known as the "world's greatest natural harbor". The port is located only 18 miles (29 km) from open ocean on one of the world's deepest, natural ice-free harbors. Since 1989, Hampton Roads has been the mid-Atlantic leader in U.S. waterborne foreign commerce and is ranked second nationally behind the Port of South Louisiana based on export tonnage. When import and export tonnage are combined, the Port of Hampton Roads ranks as the third largest port in the country (following the ports of New Orleans/South Louisiana and Houston). In 1996, Hampton Roads was ranked ninth among major U.S. ports in vessel port calls with approximately 2,700. In addition, this port is the U.S. leader in coal exports. The coal loading facilities in the Port of Hampton Roads are able to load in excess of 65 million tons annually, giving the port the largest, most efficient and modern coal loading facilities in the world. It is little surprise therefore that the Hampton Roads region's economic base is largely port-related, including shipbuilding, ship repair, naval installations, cargo transfer and storage, and manufacturing related to the processing of imports and exports. Associated with the ports' military role are almost 50,000 federal civilian employees. The harbor of Hampton Roads is an important highway of commerce, especially for the cities of Norfolk, Portsmouth, and Newport News. Huntington Ingalls Industries (formerly Newport News Shipbuilding and Drydock Company), was created in 2008 as a spinoff of Northrop Grumman Newport News and is the world's largest shipyard. It is located a short distance up the James River. In Portsmouth, a few miles up the Elizabeth River, the historic Norfolk Naval Shipyard is located. BAE Systems, formerly known as NORSHIPCO, operates from sites in the City of Norfolk. There are also several smaller shipyards, numerous docks and terminals. Massive coal piers and loading facilities were established in the late 19th and early 20th century by the Chesapeake and Ohio Railway (C&O), Norfolk and Western Railway (N&W), and Virginian Railway (VGN). The latter two were predecessors of the Norfolk Southern Railway, a Class I railroad which has its headquarters in Norfolk, and continues to export coal from a large facility at Lambert's Point on the Elizabeth River. CSX Transportation now serves the former C&O facility at Newport News. (The VGN's former coal facility at Sewell's Point has been gone since the 1960s, and the property is now part of the expansive Norfolk Navy Base). Read more about this topic: Hampton Roads Famous quotes containing the word economy:“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.” “The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.” “Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.” |