Traditionally, the defense sector has underpinned the Newport News economic base. However, the City, over the last twenty years, has made tremendous strides in diversifying this economic base. The defense sector, which includes shipbuilding, military bases and related support industries accounts for about 33% of the employment in the City and about 25% of the employment in the Norfolk-Virginia Beach-Newport News MSA.

The technology sector is one of the fastest growing sectors of the Newport News economic base. Technology-oriented firms are attracted to Newport News by the unbeatable combination of a highly skilled workforce, the low cost of doing business, and a pleasant and exciting array of lifestyle amenities. The nearby NASA Langley Research Center and the Thomas Jefferson National Accelerator Facility (Jefferson Lab) are two major high-tech drawing cards. Firms such as Canon, Continental AG, Alion Science and Technology, C² Technologies and Triumph Aerospace Systems produce electronic automotive components, precision machinery and instrumentation, nuclear components, precision engineering models, industrial controls, electronic testing equipment, software, and computer systems and peripherals. Other facets of Newport News' economic base include teleservices, food processing (especially seafood), materials processing (rubber, plastics, glass), printing, port activities and wholesale/distribution.