“This year's presentation focuses on the labor market. There are a lot of uncertainties in Washington DC. In terms of jobs, we still have a long way to go,” said Vinod Agarwal, Director of the Economic Forecasting Project in the Strome College of Business, ODU, who will present the regional and state-wide economic forecasts on Wednesday January 31, 2018. Also presenting is Robert McNab, Director, Dragas Center for Economic Analysis and Policy. “Baring political shocks, 2018 bodes well for the U.S. and Virginia," Mcnab said.
As part of the Chamber Strome Business Series, this can’t miss Economic Forecast presentation will lay the groundwork for what the business community can expect in the year ahead. Argwal said, “The economy is crawling. We see jobs growing at a slow pace because of deceleration in Department of Defense spending. It has been over ten years after the recession, we are still not back to our 2007 peak. The unpredictable nature of direct federal spending hangs over the entire Virginia economy.”
McNab brings an optimistic perspective, "The U.S. economy enters 2018 with record employment, high levels of corporate profits, and improving global prospects for economic growth. The recently passed tax bill is likely to increase real Gross Domestic Growth in the 2nd half of 2018. Virginia's economy continues to underperform the U.S. economy with prospects for improved economic performance in 2018 resting on the ability of Congress to finally pass defense and other appropriations bills that fuel thirty percent of the Virginia economy. Increasing growth, however, also means increased risk as price-to-earnings ratios are approaching historical records and inflation may increase in the latter half of 2018.”
This is encouraging news for our region as Hampton Roads works to integrate tourism, military and educational resources together for a vibrant and enduring region. As a powerful economic partner with the business community, The Hampton Roads Chamber works to improve both the economy and quality of life in the region.
Register for the Economic Forecast here.
Presenting Sponsor: Chartway Federal Credit Union