Old Dominion University’s annual State of the Region Report, which will be delivered at events in Norfolk and Newport News in early October, will note that Hampton Roads has largely recovered from the pandemic-related shocks of 2020 and that in some sectors of the economy, a new expansion is underway.
But interest rates and inflation remain higher than desired, and the region remains overly reliant on federal spending.
“There is work to be done and we cannot assume that federal government spending will save us in the future,” said Robert McNab, chair of the Department of Economics and director of the Dragas Center for Economic Analysis and Policy in the Strome College of Business.
Among the big questions are: can we diversify our economy, provide better opportunities for our residents –and attract new people here?
“2023 might seem like the best of times and the worst of times,” McNab said. “There was a record number of residents working or looking for work, and the unemployment rate hovered near pre-pandemic lows. Defense spending in the region increased, the Port of Virginia moved more cargo than it did prior to the pandemic, and the hotel industry observed record revenues. Yet, when we compare the performance of the region to large metro areas in neighboring states, there is much to be desired. We just are not growing as fast as our competitors, and we have yet to see a full recovery in the number of jobs in the region.”
The annual report, the 24th produced by the Dragas Center, is intended as a service to decision makers and thought leaders in Hampton Roads, inserting data into discussions that affect our daily lives.
"When we compare the performance of the region to large metro areas in neighboring states, there is much to be desired." - Robert M. McNab, director of the Dragas Center for Economic Analysis and Policy
In addition to McNab, Vinod Agarwal, professor of economics and deputy director of the Dragas Center, and Barbara Blake, executive director of the Monarch Internship and Co-Op Office, are scheduled to speak.
The events, which require preregistration, are scheduled for noon Oct. 3 at the Hilton Norfolk|The Main and 8 a.m. Oct. 6 at the Newport News-Hampton Holiday Inn.
The report is broken into seven chapters:
Growth Returns, Now Make it Last: While there is some good news to report, the region’s economic performance continues to lag many of its peers.
The Pillars of the Hampton Roads Economy Remain Strong: The region’s economic fortunes remain closely tied to defense spending, the Port of Virginia and the hospitality and tourism industry.
The Fourth Pillar: Veterans in Hampton Roads: With thousands of active-duty military members separating from service every year, the report examines the impact these veterans have on the local economy.
Get on the Bus: Public Transportation in Hampton Roads: A look at the economics and future of public transportation in the region.
Death and Dying in Hampton Roads: The authors delve into the demand for hospice care by Medicare beneficiaries as well as the changing nature of hospice care suppliers, nearly two-thirds of which operate as for-profit entities nationwide.
Should Taxpayers Subsidize Private Facilities in Hampton Roads? Glitz vs. Reality: The report poses questions that should be asked when considering such investments and explores the potential opportunity costs of these projects.
The Virginia Museum of Contemporary Art: Challenges Opportunities and Economic Impact: This chapter looks at how museums can contribute to economic activity and the economic impact of the Virginia Museum of Contemporary Art.
Since 2000, the Dragas Center's State of the Region Report has been an October fixture, starting important conversations about topics that affect us all. After the Oct. 3 event in Norfolk, this year's State of the Region Report will be available ONLINE, along with every other report produced by the Dragas Center.