Report says Virginia economy gained steam in 2019, but labor shortages are a hindrance
Virginia is poised to finish 2019 with its fifth straight year of economic growth and its second straight year of growth exceeding 2%, according to a new report by economists at Old Dominion University that also identifies some weak points in the economy.
The “State of the Commonwealth” report prepared by the Strome College of Business at Old Dominion forecasts the state will finish 2019 with at 2.5% economic growth, exceeding the overall U.S. gross domestic product, or GDP, for the first time in nine years. The report estimates U.S. GDP growth at 2.3% for this year.
“That is good news, but it also shows that during this [economic] expansion, growth in Virginia has lagged that of the nation,” said Robert McNab, a professor of economics and director of the Dragas Center for Economic Analysis and Policy at Old Dominion.
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