Newport News, VA is on the Move: Employment and Housing Opportunities

Newport News, VA is on the Move: Employment and Housing Opportunities

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By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

Newport News, Virginia is a hotbed of economic activity, even in tough economic times. The port of Newport News is a well-established hub of activity, mainly due to the flagship company, Northrop Grumman Shipbuilding, the largest employer in the port with an average of 15,000-18,000 employees. Northrop Grumman Newport News holds an honorable place in a distinguished market. It is the only shipyard with capabilities of building U.S. Naval nuclear powered aircraft carriers. Furthermore, Northrop Grumman is one of only two shipyards in the United States that can actually build nuclear submarines. Because of its technological capabilities and specialty in this sector, Northrop Grumman Shipbuilding is poised for growth and in step with the future.

Private Employers in Newport News VA

Other major private employers in Newport News include: Canon Virginia, Dan Daniels Distribution Center and Ferguson Enterprises. Icelandic USA and United Parcel Service, as well as Continental AG are medium sized employers with hubs located in Newport News, VA.

Many of the private sector jobs in Newport News are in the well paying high tech sector. These jobs are found in the manufacturing, distribution, teleservice and technology industries.

Two Major Employers in Newport News Announce Expansions

In December of 2008, when the economy was in the midst of a major downslide, Continental AG announced a $194 million investment in their Newport News office and added 318 new jobs. In May of 2008, Canon Inc. poured an additional $600 million into their operations in Newport News and announced the addition of more than 1,000 jobs to their facility. These are telltale signs that the Newport News economy is on the move, and that those searching for work just might find it in this part of Tidewater Virginia.

Military Relocation and Service Employment Opportunities

Private industry's investment in Newport News is only half the story as far as economic development is concerned. The backbone of the Newport News economy is the military and service sector. Newport News is home to the U.S. Army Transportation Center at Fort Eustis, which employs over 10,000 people. The Newport News School System employs 5,000-10,000 individuals, and Christopher Newport University, the City of Newport News and Riverside Regional Medical Center employ between 1,000-5,000 people each. There are diverse employment opportunities in Newport News spanning a wide breadth of professional jobs in the area. New residents are relocating to Newport News on a regular basis to engage in any number of professions.

Economic and Population Growth is Steady and on the Upswing

The Newport News Economic Development Authority reports that employment growth averages 1% annually and population increases .5% annually since 1990. In addition, Newport News has a lower cost of living than 20% of the thirty largest metropolitan areas in the U.S. With a high quality of life and a mild climate year round, there is ample reason for businesses and individuals to relocate to Newport News, Virginia.

Newport News is a City Where Affordable and Luxury Homes Can be Purchased

To illustrate the affordable cost of housing in Newport News the Newport News Economic Development Authority has broken down the percentage of homes into average price ranges. According to figures gathered from the agency's website, 60% of all residences in Newport News cost $200,000 or less. For the homeowner who wants to live on the water, on a golf course, or in a distinguished neighborhood where there are choices of luxury homes, Newport News has no shortage of these types of dwellings either. In fact the remaining 40% of housing is in the $200,000 plus range. Most professionals find it easy to locate a home that meets their lifestyle needs and expectations.

Property Management, Property Rentals, and Investment Property in Newport News

Based on solid economic indicators, those looking to purchase investment property in Newport News will be poised for success. The rental and property management market is thriving there. Alongside of economic growth in well paying industries, the demand for housing is steadily on the rise, too. Property investors should hire a qualified REALTOR to locate excellent investment opportunities and engage an experienced property manager to make the investment a lucrative one. Visit http://www.voncannonrealestate.com for more information on purchasing a home or investment property in Newport News, VA.