(WAVY) — The U.S. Navy says it spent greater than $15.4 billion in Hampton Roads throughout fiscal 12 months 2019.
Navy Area Mid-Atlantic launched a report Monday reporting the Navy’s native financial affect.
2019’s spending quantity is about $600 million lower than 2018’s.
The Navy mentioned that $600 million lower is generally as a result of much less spending for the procurement of products and companies on the Navy’s six installations within the area. These companies embody building, upkeep and restore.
A number of giant tasks had been completed in fiscal 12 months 2018, together with refurbishing the pier at Naval Station Norfolk so it may accommodate Ford-class plane carriers, in addition to developing a brand new pier at Norfolk Naval Shipyard so it may accommodate restore and upkeep of two plane carriers without delay.
Nonetheless, spending in fiscal 12 months 2019 nonetheless outpaced fiscal 12 months 2017 by almost $1.3 billion, the Navy mentioned.
“This report exhibits the Navy continues to be a significant financial driver in Hampton Roads that gives significant employment for uniformed personnel and civilians whereas additionally supporting personal companies all through the area,” mentioned Rear Adm. Charles W. Rock, commander of Navy Area Mid-Atlantic.
Throughout this era, navy relations declined by about 10,000 individuals within the area, whereas retiree and survivors elevated by about 1,300.
“Service members are selecting to come back again to Hampton Roads or keep right here as soon as they retire due to the unimaginable help and high quality of life the local people affords our veterans,” Rock mentioned. “Our Sailors are extremely gifted and pushed. A lot of them will begin second careers within the personal sector and volunteer of their communities as they proceed to serve. There’s no higher place to stay than proper right here in Hampton Roads, America’s Navy city.”