Economy
Among the city's major industries are shipbuilding, military, and aerospace. Newport News Shipbuilding, owned by Huntington Ingalls Industries, and the large coal piers supplied by railroad giant CSX Transportation, the modern Fortune 500 successor to the Chesapeake and Ohio Railway (C&O). Miles of the waterfront can be seen by automobiles crossing the James River Bridge and Monitor-Merrimac Memorial Bridge-Tunnel, which is a portion of the circumferential Hampton Roads Beltway, linking the city with each of the other major cities of Hampton Roads via Interstate 664 and Interstate 64. Many U.S. defensive industry suppliers are based in Newport News, and these and nearby military bases employ many residents, in addition to those working at the shipyard and in other harbor-related vocations.
Newport News plays a role in the maritime industry. At the end of CSX railroad tracks lies the Newport News Marine Terminal. Covering 140 acres (0.57 km2), the Terminal has heavy-lift cranes, warehouse capabilities, and container cranes.
Newport News' location next to Hampton Roads along with its rail network has provided advantages for the city. The city houses two industrial parks which enabled manufacturing and distribution to take root in the city. As technology-oriented companies flourished in the 1990s, Newport News became a regional center for technology companies.
Additional companies headquartered out of Newport News include Ferguson Enterprises and L-3 Flight International Aviation.
Northrop Grumman Newport News Shipbuilding serves as the city's largest employer with over 15,000 employees. Fort Eustis employs over 10,000, making it the second largest employer in the city. Newport News School System creates over 5000 jobs and acts as the city's third largest employer.
Established during World War I at historic Mulberry Island, the large base at Fort Eustis in modern times hosts the U.S. Army's Transportation Corps and other important activities. In adjacent localities, other U.S. military facilities include Fort Monroe, Langley Air Force Base, Naval Weapons Station Yorktown, and Camp Peary. Across the harbor in South Hampton Roads, the world's largest naval base, the Naval Station Norfolk and other installations are also located.
Research and education play a role in the City's economy. The Thomas Jefferson National Accelerator Facility (TJNAF) is housed in Newport News. TJNAF employs over 675 people and more than 2,000 scientists from around the world conduct research using the facility. Formerly named the Continuous Electron Beam Accelerator Facility (CEBAF), its stated mission is "to provide forefront scientific facilities, opportunities and leadership essential for discovering the fundamental structure of nuclear matter; to partner in industry to apply its advanced technology; and to serve the nation and its communities through education and public outreach."
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)