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Hampton Roads Economic Growth Projected to Increase in 2018, but Overall Forecast Uncertain

Spurred by increased consumer confidence, Virginia's economy is projected to improve in 2018, but remain below that of the U.S., according to Old Dominion University's 2018 Hampton Roads Economic Forecast that will be presented Jan. 31 in Norfolk.

The regional and state-wide economic forecast is presented as part of the 2017-2018 Chamber Strome Business Series, a partnership between the University's Strome College of Business and the Hampton Roads Chamber of commerce. Chartway Federal Credit Union provides financial support for the Economic Forecastjng Project.

It will be presented Wednesday, Jan. 31 at the Sheraton Norfolk Waterside Hotel. Registration and networking begins at 11:30 a.m. and the lunch presentation program starts at noon and runs to 1:30 p.m.

Vinod Agarwal, professor of economics and director of the Forecasting Project; and Robert McNab, director of the Dragas Center for Economic Analysis and Policy will present the forecast report.

McNab said the United States economic growth is forecast to increase in 2018 due to rises in consumer confidence and the impact of the 2018 Tax Cuts and Jobs Act. Inflation and interest rates are also expected to rise in 2018, providing a significant challenge to the Federal Reserve and policymakers in the federal government.

"While Virginia's economic growth will improve in 2018, Virginia's growth will remain below that of the United States," McNab said. "As the United States is now in the 103rd month of economic expansion, rises in political uncertainty and price-to-earnings ratios in equities markets increase the risk of a market correction in the 2nd half of 2018 and 2019."

Tables and/or tickets are available for the presentation through the Hampton Roads Chamber of Commerce at: http://events.hamptonroadschamber.com/sbaweb/events/events.asp. For sponsorship or additional information contact Anne Baumler at abaumler@hrchamber.com or (757) 664-2518

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