COOPERATE TO KEEP GRADS
Hampton Roads must become a magnet attracting and retaining young, educated workers
It is that time of year when college seniors are graduating and packing up their dorms and apartments. Some will stay in Hampton Roads, but many — too many — will go elsewhere to start their careers.
The slow drip of brainpower that leaves this region each spring for jobs and opportunities elsewhere is a problem that must be addressed.
It’s a complex issue that, if done right, would further stimulate local job growth, boost tax bases and entice new companies to the region.
Hampton Roads is home to no fewer than a dozen colleges that will grant nearly 28,000 degrees this year. Yet the populations of too many localities in this region, and especially on the Peninsula remained flat.
Attracting young, well-educated people to our communities and keeping the ones who grew up here must become a top priority.
It’s not just recent grads either. Millennials — people born between 1980 and 1999 — number close to 80 million nationwide make up a powerful economic driver.
A consortium of local leaders, educators and business professionals could best address this topic by developing a unified push to make this metropolitan area friendlier to young, educated workers and their families.
Neighborhoods and business districts could be identified and redeveloped in ways that better connect and cater to young professionals and growing families.
Concentrations of young, educated workers help struggling cities generate tax revenue and can become a harbinger of economic growth. They occupy homes built by previous generations, shop at local stores and accept jobs at companies that cater to the 21st-century economy.
Studies generated for Time magazine and by SmartAsset show some Hampton Roads cities have seen upticks in their net millennial populations in recent years.
Yet, data show this region lags in some aspects compared to the rest of Virginia.
Between February and April, our metropolitan area trailed Richmond, Lynchburg, Roanoke, Blacksburg and all of northern Virginia when it comes to the percentage of loan applications made by millennial homebuyers. Hampton Roads fell in line with rates experienced in Bristol and just trailed Roanoke, according to mortgage provider Ellie Mae.
Younger generations crave individualized experiences and connectivity. They want to access their friends easily and have the ability to share their daily lives both online and in person.
Traffic, backups and other forms of congestion run contrary to those experiences.
Commute times that hover between 18 and 24 minutes (according to Old Dominion University’s 2018 Life in Hampton Roads report) are a burden on this region’s ability to attract new residents. Forty-seven percent of the survey’s participants said they avoided a business in a neighboring city because they were concerned with traffic and congestion. That’s a problem.
The beaches, coastal climate and strategic location along the seaboard are significant attractions that localities can market to young, welleducated people.
Earning a degree is not the only key to success, although it is certainly one that unlocks economic opportunities.
Hampton Roads is also home to myriad chances for employees to earn certificates and specialized career training. The key, though, is that both groups must possess a willingness to learn beyond high school.
A concerted effort to better capture the brainpower colleges cultivate and sharpen here would elevate this region.
When viewed as a cohesive region, Hampton Roads is one of the most populous, environmentally diverse and economically powerful areas in the nation. It boasts an abundance of natural resources, a rich and storied history, and tremendous potential for growth.
Yet, people who live here know Hampton Roads rarely acts as a unified entity. We have seen many a cooperative venture disintegrate as representatives protect local interests at the expense of progress on larger and potentially more inclusive goals.
Local elected leaders must come together to propose bold solutions to address our regional priorities — the need to retain and attract young people being one we all can agree on.
What do millennials really want? And how do planners and governments go about giving it to them? The answers are hard to pinpoint, but there are rewards for cities, counties and regions that get these critical answers right.
Will Hampton Roads adapt to meet the needs of millennials, or skip it with the hope that traditional infrastructures and ideas will appeal to the next generation?
The entire millennial cohort — all 80 million of them nationwide — is getting older, and the oldest of them are turning 39 this year. If previous generations are any indicator, then this generation will also push toward the suburbs from inner cities as they age, marry and raise children.
They will take their desires for individualized experiences and connectivity with them.
It must become a high priority to capture as many graduating college students as possible to ensure this region remains economically viable and vibrant for generations to come.