Hampton Roads’ Gross Regional Product (GRP) declined in 2011, shrinking for a fourth straight year, according to a report issued Feb. 27.
James Clary, economist for the Hampton Roads Planning District Commission, said that GRP shrank by 0.77 percent to $70.1 billion in 2011.
This region’s economic performance from 2010 to 2011 was ranked 206th of the 366 metropolitan statistical areas (MSAs) in the United States.
The region’s five-year annualized growth was a negative 0.05 percent, Clary said, which ranks 194th out of the 366 MSAs.
"The strong expansion of GRP to start the new century somewhat mitigates Hampton Roads’ economy shrinking since 2007," Clary said. GRP grew at an annualized rate of 1.5 percent over the past 10 years, and the regional economy grew by almost $10 billion between 2001 and 2011, despite the recent decline.