Norfolk-Virginia Beach MSA: A Full Recovery

Chelsey Leffet | March 31, 2023

By Chelsey Leffet The Norfolk-Virginia Beach MSA comprises several cities aside from Norfolk and Virginia Beach, including Chesapeake, Suffolk, Newport News, Hampton, Portsmouth, and Williamsburg. The region’s economy revolves around the federal government, the military, the aerospace industry, and the transportation, construction, and healthcare sectors. Norfolk-Virginia Beach MSA vs. Top 25 U.S. Markets Historically, this MSA has performed roughly 50% below the top 25 U.S. markets in RevPAR. However, in 2020 and 2021, the market was able to outperform many other top 25 markets and closed the gap substantially in RevPAR performanc...