Posted: July 30, 2010

By BILL CRESENZO

bill.cresenzo@insidebiz.com

Hampton Roads ranked 42nd in the nation for exporting goods in 2008, according to a report from a Washington, D.C., think tank.

The report, from the Brookings Insitution, measures the export output for 100 metro areas in the U.S. It says that Hampton Roads had $6.72 billon in exports, most of it transportation equipment, which made up 38.8 percent of exports out of the area.

The report measures exported goods and services - 8 .7 percent of exports were made up of services, such as management consulting and architectural and medical services.

"Hampton Roads has great export potential," said Emilia Israte, a senior research analyst with Brookings. "Coming out of the recession, the country needs to focus more on exports as part of the recovery. People in charge of local economic development in Hampton Roads have to focus on exports and have to create an export strategy... government has to create the framework that allows businesses to flourish and export more."

Hampton Roads has seen significant growth in exports since 2003, Israte said. Exports have grown 11.3 percent each year, compared to the national average of 9.2 percent annually.

On March 11, President Obama issued an executive order creating the National Export Initiative. "A critical component of stimulating economic growth in the United States is ensuring that U.S. businesses can actively participate in international markets by increasing their exports of goods, services and agricultural products," the order says. "Improved export performance will, in turn, create good high-paying jobs."

Obama created an Export Promotion Cabinet and wants to double exports over the next five years, through new programs that help first-time and existing exporters.

"The first question is what can we do to encourage more export-related business in Hampton Roads," Israte said. "It is about identifying your exporters in the area and figuring out how you can help them export more."

Hampton Roads does not have a governmental agency that specifically targets exporters. The Hampton Raods Economoic Development Allance, funded by both public and private money, works to bring business to the Hampton Roads area.

"Exports are not really part of our mission that we have here as a regional economic development group," said Thomas Clemmons, vice president of the alliance."We work exclusively to attract new business."

The report said that U.S. exports supported 11.8 million jobs in the U.S. in 2008, and that four metro areas doubled their real value of exports between 2003 and 2008.

New York topped the list, exporting $85.16 in exports, mostly chemicals. Los Angeles came in second with $78.54 billion in exports, mostly computers.

Richmond came in 55th, with $4.95 billion in exports, mostly chemicals.