By Amber Kennedy
Each January, the Dragas Center for Economic Analysis and Policy assesses the local, state and national economies to deliver a projection of the year ahead.
Entering 2024, violent conflict has erupted in the Middle East and war continues in Ukraine, interest rates have started to drop and a presidential election is on the horizon.
The 2024 Economic Forecast, presented during a luncheon from 12 to 2 p.m. on Jan. 31 in the Big Blue Room at the Ted Constant Convocation Center, will offer a data-driven look at how these and other factors may impact the economy. Registration is available through Jan. 26.
Economic Forecasting Project Director Vinod Agarwal, a professor of economics, will deliver the forecast with Robert M. McNab, professor of economics and director of the Dragas Center. Agarwal will offer predictions for Hampton Roads, while McNab will present the outlook for the state and national economies. The economists will walk attendees through several key indicators — including gross domestic product, the labor force, payrolls and job openings – to see patterns. To analyze economic trends in Hampton Roads, the Dragas Center has studied military employment, activity at the Port of Virginia, the hotel industry and the housing market.
In October, the Dragas Center presented its State of the Region report, exploring positive signs of growth, the economic impact of veterans, public transportation, death and dying, taxpayer-subsidized private facilities and the Virginia Museum of Contemporary Art. In December, the Dragas Center looked at all of Virginia in its State of the Commonwealth report, delving into outward migration, the GO Virginia regions, veterans in Virginia, death and dying and the hotel industry.
The Dragas Center for Economic Analysis and Policy in the Strome College of Business is a hub for multifaceted studies encompassing economics, demographics, transportation and defense. The economic data about year-over-year performance of the economy, as well as predictions of the year ahead, are drawn from the annual Economic Forecast.