• Among the Mid-Atlantic and Southern MSAs, the Norfolk MSA has the largest percentage of its population in the key 20 to 35 years age bracket.
  • Historically, the Norfolk MSA requires only 5.2 new jobs to absorb one multifamily unit, a ratio lower than nearly every other MSA in the region.
  • Military spending has increased to pre-Sequestration levels, reaching a total payroll of $10.13 billion in for active duty, retirees and private contractors and increases are expected to continue with the awarding of new contracts for ship construction.
  • Nearly half of the military population rent homes in the local community with an average housing allowance above $1,200 per month, exceeding average rent in the MSA by $240 per month or more.
  • The MSA is home to seven separate nonprofit universities and a medical school serving a combined 53,000 students, and employing more than 11,500.