Vinod Agarwal
A great deal has changed in the world, and in Hampton Roads, since economists from Old Dominion University's Dragas Center for Economic Analysis & Policy delivered their annual Economic Forecast in late January.
Despite some positive economic indicators, "many Americans are feeling pain anytime they go to the store, gas pump or write a check to pay their rent," said Robert M. McNab, professor of economics and Dragas Center director.
Inflation will be one of the topics covered by McNab and Vinod Agarwal, professor and director of ODU's Economic Forecasting Project, when they deliver their mid-year economic forecast on June 10.
The breakfast event, hosted by the Virginia Peninsula Chamber, will be at the Holiday Inn, 980 Omni Boulevard in Newport News. ONLINE REGISTRATION is still available for the event, as well as table sponsorships. Contact Allie Hackett at the Virginia Peninsula Chamber (allie@vpcc.org) for more information.
At the event, McNab will deliver the national economic outlook for 2022, now that five months have passed. Agarwal will deliver the updated 2022 Hampton Roads economic forecast.
The news will not be entirely bleak. Unemployment rates have declined across the commonwealth, and the so-called "great resignation" has empowered workers to seek higher wages and benefits across all sectors. The Port of Virginia is on track for another excellent year and hotels in the region are outperforming their peers nationwide.
However, persistent explosive inflation, ongoing supply chain issues and the headline-grabbing war in Ukraine pose significant threats to the regional and the world economies.
The Dragas Center for Economic Analysis and Policy in the Strome College of Business at Old Dominion University undertakes a wide range of economic, demographic, transportation and defense-oriented studies. Since 1999, the Dragas Center has produced influential State of the Region Reports for Hampton Roads.
The center also conducts forecasts for the U.S., Virginia and Hampton Roads and produces the State of the Commonwealth Report. For more information, including previous State of the Region and Commonwealth Reports, as well as Economic Forecasts, visit the Dragas Center Website.
