Hampton, VA, Sept. 27, 2024 (GLOBE NEWSWIRE) -- As Hampton Roads faces new economic challenges, institutions of higher education are stepping up to drive regional prosperity. Hampton University, with a legacy spanning more than 155 years, continues to be a key economic engine, contributing an impressive $530 million in economic impact to the Hampton Roads community. New preliminary findings reveal that the HBCU’s influence extends far beyond the classroom, transforming the local economy and supporting thousands of jobs in the region.
According to a recent UNCF report, Hampton University ranks #1 in economic impact in the Commonwealth of Virginia, while standing among the top historically Black colleges and universities (HBCUs) in the nation for economic contributions. This significant impact is fueled by Hampton’s operational spending, wages, and institutional purchases, which support local businesses and stimulate the regional economy. Additionally, the indirect effects—from student spending to the influx of visitors to campus—create a ripple effect that generates millions more in sustained economic activity.
“Hampton University plays a pivotal role in the economic fabric of Hampton Roads,” said Hampton University President Darrell K. Williams. “Our findings affirm and underscore our commitment to not only educating future leaders but also investing in the vitality of the region. Our community impact, especially during these times, speaks to the power of partnership and progress.”
The University’s role as an economic powerhouse is further reinforced by its recent recognition in Virginia Coastal magazine as the 2023 Best Private College, an accolade that not only highlights Hampton’s academic excellence but also its unparalleled economic contributions to the Commonwealth.
Hampton University’s contributions are visible across several sectors. The university supports approximately 2,200 jobs in the local and regional economies, including over 800 on-campus positions and additional roles created through university-related spending.
Economic Impact Breakdown
Jobs and Salaries:
Hampton University is a major employer in Hampton Roads, providing thousands of jobs for faculty, staff, and support personnel. These jobs contribute to the local workforce and bolster the economic stability of surrounding communities. In addition, wages earned by employees are spent locally, supporting industries like healthcare, retail, dining, and hospitality, thus creating a multiplier effect. In Hampton Roads, where the unemployment rate hovers around 3.7%, the job opportunities provided by the university are crucial for maintaining economic momentum.
Housing:
The presence of Hampton University generates significant demand for housing in Hampton Roads, particularly in Hampton, Newport News, and surrounding cities. Faculty, staff, and students live both on and off-campus, which bolsters the local real estate market. This demand supports property values and contributes to new housing developments, particularly in rental housing, where occupancy rates remain high. In 2023, Hampton’s residential rental market saw an average occupancy rate of 96.4%, a rate bolstered by the continuous demand from the university’s student body and employees.
Purchases of Retail Goods and Services:
The spending power of Hampton University’s employees, students, and visitors results in substantial purchases of retail goods and services in the local community. From daily essentials such as groceries and transportation to leisure activities like dining and entertainment, this spending fuels local businesses. In 2023, retail sales in Hampton Roads exceeded $26 billion, with Hampton University’s community contributing a significant share of that revenue. Additionally, the university itself spends millions on operational needs, contracting with local vendors and suppliers, further supporting the Hampton Roads business ecosystem.
Visitors to Campus:
Hampton University attracts a significant number of visitors each year, including alumni, parents, and guests attending athletic events, Homecoming, Commencement, the Ministers’ Conference, and the Hampton Jazz and Music Festival. These visitors contribute to the local economy by spending on accommodations, dining, transportation, and shopping. In Hampton Roads, tourism-related spending contributes over $5.2 billion annually, and Hampton University’s events play a key role in generating this economic activity.
Year-round Athletic Events:
Hampton University’s athletics program, particularly in sports like football and basketball, brings in fans from across the region, generating revenue for local businesses. Spectators spend on tickets, merchandise, and local services, with popular games such as Homecoming and Community Day contributing significantly to the local economy. During the 2023-2024 season, Hampton’s home football games alone brought over 25,000 spectators, injecting much-needed revenue into hotels, restaurants, and retail outlets.
Annual Events:
Signature events like Commencement, the Ministers’ Conference, Homecoming, and the Hampton Jazz and Music Festival attract large crowds from around the country, contributing millions of dollars to the local economy. The annual three-day Hampton Jazz and Music Festival draws approximately 20,000 attendees, delivering an estimated $3 million economic impact. These events not only bring revenue to local businesses but also enhance the region’s reputation as a cultural and tourist destination.
Elevating Engagement, Embracing Innovation
As Hampton University moves forward under President Williams’ leadership, the institution’s 10-year strategic plan, Elevating Hampton Excellence, charts a bold path for expanding stakeholder engagement and driving economic development. The plan focuses on strengthening partnerships with local businesses, fostering innovation through research, and creating new avenues for growth that benefit the community.
President Williams envisions untapped opportunities for universities to further enhance local economies—such as technology transfer, entrepreneurship programs, and workforce development tailored to meet the region’s evolving needs. By leveraging its intellectual capital, resources, and collaborative spirit, Hampton University is poised to become an even greater force for economic progress in Hampton Roads, ensuring a future of shared prosperity and collaboration.
About Hampton University
Hampton University, a dynamic historically Black institution in southeastern Virginia with a legacy of excellence in education, research, and community service, provides a nurturing and empowering environment for students to thrive academically and personally. Founded in 1868, Hampton emphasizes a scientific and professional curriculum with a strong liberal arts undergirding, offering a broad range of technical, liberal arts and graduate degree programs. With a commitment to inclusion and innovation, Hampton continues to be a beacon of educational leadership in the Commonwealth of Virginia. Named to Money Magazine’s “Best Colleges in America” and “Best Private College” in Virginia by Virginia Coastal magazine, HU is a tightly-knit community of learners and educators representing 44 states and 32 territories and nations. With a commitment to fostering intellectual curiosity, critical thinking, and global citizenship, Hampton University prepares students to thrive in an ever-changing world. Visit www.hamptonu.edu.
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