Economic Opportunities in Virginia Beach and Chesapeake

Virginia Beach and Chesapeake offer a range of economic opportunities that have helped to drive their success in the SmartAsset study. Both cities are home to a number of major employers, including military bases, healthcare systems, and universities.

These employers provide stable, well-paying jobs with good benefits that can help black Americans build wealth and achieve economic security.

Another key factor is the strong entrepreneurial ecosystem in both cities. People in both cities have taken steps to invest in economic development initiatives that promote entrepreneurship and small business growth.

For example, Black BRAND is a 501c3 that describes itself as “the hub for black business innovation in the Hampton Roads and the Dan River Regions.”

The organization is dedicated to promoting economic growth and opportunity for black entrepreneurs and business owners, and they offer a range of services, including access to funding and capital, business coaching and mentorship, networking and collaboration opportunities, and marketing and promotional support.

They’re just one of multiple such organizations in Hampton Roads.

These initiatives and others like them are helping to create a more equitable and just economy in Virginia Beach and Chesapeake, and serve as models for other communities looking to promote greater economic opportunity for black Americans.

Additionally, the local governments in both cities have made a commitment to promoting diversity, equity, and inclusion in the workplace and in the broader community. This includes initiatives to reduce barriers to entry for underrepresented groups, such as minorities and women.

Together, these factors create an environment that is supportive of black economic success and underscores the importance of creating opportunities for all members of a community to thrive.

Educational and workforce development opportunities in the region

The local public school systems in Chesapeake and Virginia Beach provide a solid foundation for students, with a range of academic programs and extracurricular activities to help them succeed.

In addition, the area is home to several universities, including two HBCU’s, Norfolk State University and Hampton University, both of which offer a wide range of undergraduate and graduate degree programs.

It also has several community colleges, including Tidewater Community College and Paul D. Camp Community College, which offer associate degree programs and workforce training opportunities in fields such as healthcare, technology, and skilled trades. In total, the region has 33 universities, colleges, and trade schools.

Challenges and Opportunities for Improvement

Despite their relative success, there are still challenges that black Americans face in Virginia Beach and Chesapeake, and opportunities for improvement.

One of the key challenges is the persistent racial wealth gap, which can limit economic opportunities for black Americans and make it more difficult to build wealth and achieve financial security.

In addition, while the area has made progress in promoting entrepreneurship and small business growth, there is still a need for greater investment in these areas, particularly in underserved communities.

Persistent racial disparities continue to exist in not only wealth, but also in parts of life directly impacted by wealth.

There are significant disparities in educational attainment and health outcomes, with black residents more likely to experience poor health and have lower life expectancies than white residents.

These persistent disparities are the result of a range of systemic factors, including historical discrimination, segregation, and unequal access to resources and opportunities. Addressing them will require a sustained effort from government, businesses, and community organizations, working together to create more equitable and just policies and programs.