The Cygnus region of the galaxy is one of the richest regions of gas and star formation and is the brightest region of diffuse GeV emission in the northern sky. VERITAS has conducted deep observations (approximately 300 hours) in the direction of Cygnus region, reaching an average sensitivity of a few percent of the Crab nebula flux. We present the results of these observations and an analysis of over seven years of Fermi-LAT data above 1 GeV. In addition to a search for new sources in the region, we present updated spectra and morphologies of the known TeV $\gamma$-ray sources and a study of their relationship with the GeV emission from the region. These results are discussed in their multiwavelength context including the recently published HAWC observatory $\gamma$-ray catalog. A comparison is also made to the H.E.S.S. galactic plane survey.