ODU's Economic Forecasting Team Presents 2015 Forecast Jan. 28

January 15, 2015

Chip Filer

The nationwide economic downturn ended several years ago, but the Hampton Roads economy is still struggling somewhat to regain its footing.

Will 2015 be another year where the economic recovery here lags behind the rest of the country? Find out at the 2015 Economic Outlook Conference and Luncheon on Wednesday, Jan. 28, presented by TowneBank and sponsored by Old Dominion University.

Presented this year by Vinod Agarwal, interim Dean of ODU's Strome College of Business, and Chip Filer, associate professor of economics, the forecast is recognized nationally as an accurate harbinger of the year ahead for the region and nationally.

The conference and luncheon is sponsored by ODU's Economics Club of Hampton Roads, will be held at the Norfolk Marriott Waterside. The national forecast will be delivered by Filer at 10:30, followed by the luncheon and regional presentation by Agarwal starting at noon.

Tickets are $40, and the event is free for members of the Economics Club of Hampton Roads. Pre-registration is strongly recommended, ONLINE, or by calling 757-683-5138.

Agarwal, who has been involved in the Economic Forecasting Project since its inception, said the region can continue to expect the economic cross-currents that have buffeted the region since the national economic recovery started in earnest in 2010.

"While the national economy has come back strongly, in Hampton Roads, employment growth has been very, very slow. It is expected that that trend will continue," Agarwal said.

The forecasts produced by ODU's Economic Forecasting Team are included in a macroeconomic analysis of the United States, produced every quarter by the Federal Reserve Bank of Philadelphia.

Known as the Survey of Professional Forecasters, the Philadelphia Fed initiative is the oldest quarterly survey of macroeconomic forecasts in the United States, dating to 1968. The survey is comprehensive, producing national forecasts for variables covering gross domestic product, employment, T-bill and bond rates, housing starts and a number of Consumer Price Index measures. It has forced ODU's Economic Forecasting Team to amend the way which it produces its own national forecasts, which will be delivered by Filer.

"I am excited to be back with the fine faculty in the Economics department in the Strome College of Business, to be part of the ODU Forecasting Project team and to be a speaker at this annual event," Filer said.

"This year is shaping up to be a very interesting year for the U.S. economy. I think our event can provide some valuable insight to the audience."

For information about Old Dominion University's Economic Forecasting Project, see HERE.

The Economics Club of Hampton Roads, which is sponsoring the Jan. 28 event, is an organization for business and government executives and community leaders who share an interest in the practical implications of economic principles, trends and events. It was established in 1991 as a community service by former ODU President James V. Koch, and is administered by Vinod Agarwal, interim dean of the Strome College of Business, under the supervision of an elected board.