Posts tagged Economy

As reported on PilotOnline recently, ODU’s recent State of the Region report is predicting a poor outlook for the region for the foreseeable future. It predicts a decline in Military funding and, in conjunction, a decline in military-related industries. This would ripple through our economy, sending us into a much longer, regional recession. It also predicted a continued decline in population. This could be due to a number of factors with the biggest being a lack of jobs that young people are looking for. Also, in an area such as Hampton Roads, there is an abundance of former military people looking for jobs. This crates a pool of experienced people looking for employment, which makes it very difficult for new college graduates to find entry-level positions.

Regardless, it doesn’t have to be this way. Our various regional entities need to step up and create programs (and capital) that encourage new college graduates to start new businesses in the region. Another program could be created by the region’s universities that would give businesses a monetary incentive to hire new local graduates. That could be combined with a local/state government tax break for companies that hire local graduates for local jobs. These initiatives would solidify a young, educated base that would help our economy stay strong for years to come. Businesses would want to relocate here for the new ideas and opportunities that come with an intelligent, entrepreneurial workforce. It would also step up the appeal for local universities, making them more in-demand and, in turn, making them more likely to get grants/research projects from federal and private sources.

For the jobs themselves, we need to work harder to shift our focus from government-supported to private, developing industries. For example, the proposed project for the former Ford plant is a good step. A mixed-use development, it would be focused around a solar panel factory. There are a number of industries that would be great to focus on. A wind turbine plant would be a great addition to Hampton Roads. A high-tech battery factory would be another great addition that could also increase our appeal for a hybrid car plant of some sort. These jobs would be both industrial manufacturing jobs and jobs that would require high-tech research and development employees.

Once we started landing jobs for some of these new college graduates, more jobs would follow. Despite the widespread belief that my generation is one of moronic, half-educated slackers whose only aspirations are government welfare and tree-hugging, I strongly believe that we are more than that. Current college graduates want things to change for the better. I believe that you can have both environmental protection and free market business. Our biggest barrier to becoming our own economic force is that those currently in charge seem to have no regard for us. Once that changes, once our current leaders see that they should be focused on encouraging the younger generations to take part in the economy, the regional economy will be what we make of it.