Economy

GDP - $141.05 billion

With a GDP of $141.05 billion the Virginia Beach-Newport News, VA-NC Market represents 0.49% of the $28.86 Trillion national GDP. In terms of total GDP this market ranks 52nd across STI Markets.

GDP per Capita - $71,179

The Virginia Beach-Newport News, VA-NC Market has a per capita GDP of $71,179. With 0.49% of the nations GDP and 0.58% of the nation’s Population this Markets GDP per capita ranks 83rd across STI Markets.

Figure 62: GDP per Capita 2y history

GDP Quarterly History from 2007

Figure 63: GDP per Capita long history

Wealth - $239,209

Wealth or Average Net Worth for the Virginia Beach-Newport News, VA-NC Market is $239,209. This ranks 70th across STI Markets. In the below chart, 0 includes those with an Under $0 Net Worth.

Figure 64: Wealth Distribution

Poverty Rate - 10.8%

In the Virginia Beach-Newport News, VA-NC Market, 84,062 of the 776,568 Households, 10.8%, are below the poverty line. This is 0.88 times the National poverty rate of 12.3%. The market ranks 134th across STI Markets in Poverty Rate.

Poverty Rate by HH type

Figure 65: Poverty Type

Social Security Recipients - 19.2%

In the Virginia Beach-Newport News, VA-NC Market, 380,489 out of the Population of 1,981,543, 19.2%, receive some type of Social Security benefit. This is 1.03 times the National proportion of Social Security Recipients of 18.7%. The market ranks 117th across STI Markets in the proportion of Social Security recipients.

Gentrification Identification - 2021 to 2022

The below thematic map is the same as the one above but with an added filter to only look at Census Tracts with over a 100 person increase or less than a 100 person decrease. This view can help to visualize areas that are potentially starting to gentrify.

Though there is not a single definition for gentrification, the term is often used to refer to areas where higher income residents have replaced previous lower income residents. In areas experiencing gentrification a drop in Social Security recipients can often be observed as a leading indicator of the neighborhoods change. This is because Social Security recipients are often more likely to be on a fixed income or budget and therefore are often more susceptible to changes in the cost of living. The below map will also show cases where the proportion of Social Security recipients have increased as well as decreased so long as the net effect is over 100 people.

Figure 69: SSA Gentrification

Past Gentrification - 2015 to 2021

The following looks at the percentage change from 2015 to 2021 for all Census Tracts that had at least 500 people in 2015.

Figure 70: SSA Past Gentrification