By Builder Magazine, Friday, November 4, 2011.
12. Virginia Beach-Norfolk-Newport News, Va.-N.C.
Health Index: 75.8
2011 Population Forecast: 1,690,400
2011 Total Building Permit Forecast: 3,246
2012 Total Building Permit Forecast: 4,842
Virginia Beach is slated to have some of the strongest home price appreciation (4.3 percent) and income growth (4.7 percent) during the next year and a half.
Home prices will stabilize this year and rise slightly over the next two. Building permits levels were buttressed by a big increase in multifamily. But single-family will be the engine for robust permit growth over the next two years.
The Norfolk Naval Station employs 64,000. Virginia Beach has a low unemployment rate of only 7.1 percent. But cutbacks in military spending have been weakening the economy.
Visit our Local Markets page for Virginia Beach to see more data and analysis
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