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Report offers detailed look at economy in Hampton Roads

A new Hampton Roads Planning District Commission report says that local employment and retail activity is improving, but notes that the real estate market continues to underperform.

Underlying causes for the slump in home sales include high sales inventory (made worse by the number homes in foreclosure) and a still-shaky job market that is sapping the confidence of would-be home buyers, according to the report.

Pentagon advisory board recommends cutting Joint Forces Command

A Pentagon advisory board tasked with finding ways to cut defense spending has recommended eliminating the Joint Forces Command, which is located in Norfolk.

The military installation has a significant economic impact on Hampton Roads, underpinning the area's high-tech industry. That segment of the local economy provided almost 4,500 high-paying jobs and contributed about $365 million to the local economy in 2007, according to a 2007 Old Dominion University Report.

State courts bidders for new U.S. 460

VDOT is hoping to coax private developers to bid on the chance to build and operate a new multibillion-dollar U.S. 460 as a toll road. To drum up interest, the state is offering cash and other incentives.

Without an offer of public funds, the project has gone nowhere. Officials hope the promise of a public partnership will stimulate interest.

The new U.S. 460 will be a 55-mile, four-lane, divided highway between Suffolk and Petersburg.

Hampton Roads travel troubles expected to worsen

Rush hours in Hampton Roads currently see 12% of the region's primary routes severely clogged, according to the Hampton Roads Transportation Planning Organization. Officials say 29% will be jammed by 2030 -- and that's assuming that major projects now on the drawing board are completed.

"The numbers don't surprise me at all," said Commonwealth Transportation Board member Aubrey Layne of Virginia Beach. "In Hampton Roads, we have $19 billion in needs... and just $2.3 billion to spend" in the next 30 years.

Officials: 36 hours needed to evacuate Hampton Roads

Local transportation officials say 36 hours would be needed to evacuate residents if a major hurricane hit Hampton Roads, because the state's evacuation plan isn't up to the task.

Virginia's Hurricane Emergency Response Plan estimates that 300,000 vehicles would hit the roads during an evacuation. Officials say it would take 36 hours to evacuate at-risk residents in South Hampton Roads.

"Thirty-six hours is not reasonable," said Rob Case, principal transportation engineer for the Hampton Roads Transportation Planning Organization.

Hampton Roads home buyers taking their time

Prospective home buyers in Hampton Roads are lingering over decisions, taking time to do their research, and not worrying too much if low offers are rejected. They may feel that the current market is on their side -- the number of homes on the local market has climbed to previously unseen levels. In June, 15,494 homes were listed for sale in Hampton Roads, the highest number in at least 15 years. Local experts say that number translates to about nine months' of inventory.

Officials looking at wind farms for Virginia

Virginia officials are working to lay the groundwork for the state to become a national hub for wind technology. If they are successful, it could mean an estimated $80 billion to the Commonwealth and more than 5,000 long-term jobs.

"We have the potential for not only wind turbines off the coast of Virginia, but for Hampton Roads to become the silicon valley of wind development for the entire east coast," said Bob Matthias, assistant to the Virginia Beach city manager.

Learn more at WAVY-TV 10....

Posted on Friday, July 16, 2010 - 6:34pm

Washington, D.C.-area housing market perking up

The number of Washington-area homes for sale last month was down 25% from April 2008, according to the most recent data from the local Multiple Listing Service.

The supply has fallen in nearly all of the region's counties and cities since that time. It was down about 30% in Fairfax and Loudoun counties; and 55% in Prince William County, including Manassas and Manassas Park.

Experts say that the drop in the number of houses for sale will benefit homeowners by bring supply back in line with demand, stabilizing prices.

Report details needed upgrades to Virginia's highway traffic capacity

The American Association of State Highway and Transportation Officials has issued a report detailing what it feels are Virginia's highest road construction priorities.

Establishing tolls in Northern Virginia for drivers to use high occupancy lanes on Interstates 95/395 is at the top of the list. The lanes are needed to help ease congestion in regular traffic during peak traffic hours.

Second on the list of priorities: expanding the Midtown Tunnel, which connects southwest Norfolk and the northern tip of Portsmouth. It's the most heavily traveled two-land highway in Virginia. The project is in line to happen soon, according to state officials. Construction and maintenance of the improvements would be a combined public/private enterprise, and would be funded by tolls, estimated at $2 to $3 for cars and $6 to $9 for trucks.

Washington area home prices up from a decade ago

Homeowners in the Washington area have seen less impact from the recession on their property values than homeowners elsewhere in the nation, according to the latest S&P Case-Shiller Home Price Index. Homes prices in the area are 78% higher than they were in January 2000.

The local housing market has benefited from measured growth and lower unemployment rates than seen in much of the United States.