Feb. 2024
Hampton Roads Economic Monthly
2023 defied the gloomy economic forecasts, showcasing the US economy’s resilience by not just avoiding a recession but surpassing the prior year’s rate of growth. Despite ongoing inflation and higher interest rates, inflation-adjusted GDP rose 2.5% in 2023 compared to 1.9% the prior year, largely fueled by robust consumer spending. Consumer prices cooled dramatically in 2023. Inflation fell from a high of 9% in June 2022 to 3.3% by December 2023. Accounting for more than 30% of the goods and services used to measure inflation, elevated housing prices continue to drive inflation. Figure 1 presents the year-over-year change in inflation for all items and core inflation, excluding food and energy. While headline inflation has fallen near 3%, core inflation remains near 4%. The Fed’s efforts to curb inflation by raising interest rates have yet to result in higher unemployment as most economists expected. The U.S. added 3.5 million jobs in 2023; a level of growth not seen in the two decades prior to the pandemic. There are, however, signs this historically tight labor market has begun to loosen. Job openings have come down considerably from their peak and the unemployment rate ticked up slightly in the latter half of 2023 to 3.7% as of January 2024.

HRTPO has recently released the 2023 version of the State of Transportation in Hampton Roads report. The State of Transportation report details the current status and recent trends of all facets of the transportation system in Hampton Roads, including air, rail, water, and highways. 

FishSwimPlay.com is a website that was created by the HRPDC in 2018 to promote water access sites and recreation in Hampton Roads. It is the public outreach component of the Regional Strategic Plan for Public Access to Waterways report which analyzed water recreation and available sites in the region.

At its January 18, 2024 meeting, the HRTPO approved $52.4M in funding for twenty-two individual projects across the region. The approved allocations are for Fiscal Year (FY) 2030 and are advanced under two federal programs, namely, the Congestion Mitigation and Air Quality Improvement Program (CMAQ) and Regional Surface Transportation Program (RSTP) initiatives.

Have you noticed more litter in your neighborhood over the past year? Start making plans now to do something about it. Save the date for this year’s Great American Cleanup, March 22-23. Registration is now open.

Emma Corbitt joined the HRPDC in January 2024. After working and studying in North Carolina for several years, Emma is excited to be returning to Virginia and the Hampton Roads area. Prior to joining HRPDC, Emma served as an AmeriCorps service member in southeastern North Carolina.

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DEI & Title VI/Civil Rights Liaison
Phone: 757.420.8300
Fax: 757.523.4881
TTY: 757.390.2578
The Hampton Roads Planning District Commission (HRPDC) and Hampton Roads Transportation Planning Organization (HRTPO) fully comply with Title VI of the Civil Rights Act of 1964, the Civil Rights Restoration Act of 1987, Executive Order 12898 on Environmental Justice, and related nondiscrimination statutes and regulations in all programs and activities. HRPDC's website, www.hrpdcva.gov, and HRTPO's website, www.hrtpo.org, may be translated into multiple languages. Publications and other public documents can be made available in alternative languages and formats, if requested. HRPDC public meetings are always held in ADA-accessible facilities and in transit-accessible locations when possible. Auxiliary services can be provided to individuals who submit a request at least seven days prior to a meeting. Requests made within seven days will be accommodated to the greatest extent possible. Any person who believes they have been aggrieved by an unlawful discriminatory practice by HRPDC under Title VI has a right to file a formal complaint. Any such complaint may be in writing and filed with the HRPDC and/or the appropriate state or federal agency within 180 days of the alleged discriminatory occurrence. For more information on HRPDC's Title VI program, or to obtain a Title VI Complaint Form, please call (757) 420-8300 or email: qmclaurin@hrpdcva.gov