Local Economy
Norfolk’s Local Economy
As mayor, I will be committed to attracting and expanding business and commercial investment in Norfolk. Norfolk cannot meet its many needs through taxation of real estate and personal property of its citizens, parking penalties and such, and hopeful grants from the state and federal government. Successful commercial businesses from bakeries to cutting-edge technology companies can all contribute to the city’s success. Today, there are too many vacant storefronts, warehouses, and office spaces in Norfolk. The downward trend of the past few years must be reversed. Furthermore, we must think of the city as an integrated community—not as separate protected or competing enclaves…we all should benefit from investment in our city. Change in city economic decision-making and planning is urgently needed and it is requisite we remove the barriers to modernization. At the same time, we must strike a balanced approach to responsible, smart and attractive development in combination with historic preservation efforts to maintain Norfolk’s unique identity and appeal.
While investment and growth is welcome, most importantly, I stand against unchecked, gratuitous development influenced by personal relationships with developers that erode the character of our neighborhoods, compromise the integrity of our city, or evict residents from their homes.
Unfortunately, our city has not been immune to the following challenges:
- Inflation: According to Norfolk’s economic development strategy, 80% of households in Norfolk experienced flat or declining incomes from 2007–2016, adjusted for inflation.
- Income inequality: The top 5% of Norfolk households have nine times higher incomes than the bottom 20%.
- Poverty: Almost one-third of adults without a high school diploma live in poverty.
- Affordable housing: According to a 2022 Old Dominion University report, Norfolk is experiencing an affordable housing crisis.
- National economic shocks: In 2022, national economic shocks, such as inflation, have contributed to the feeling that the region is struggling.
- Unused commercial spaces: The City has lacked a vision and strategic plan for underutilized commercial spaces such as MacArthur Mall and Military Circle.
Norfolk Stats on Our Economy
- Males in Virginia have an average income that is 1.33 times higher than the average income of females, which is $63,894.
- The income inequality in Virginia (measured using the Gini index) is 0.476, which is lower than the national average.
Get Involved
Join the Team