|FOR IMMEDIATE RELEASE
May 24, 2021
Virginia Peninsula Chamber of Commerce, in partnership with Old Dominion University’s Strome College of Business, will host the 2021 Economic Forecast Mid-Year Breakfast on June 17th, 2021, at the Newport News Marriott at City Center
After a fifteen-month hiatus precipitated by the COVID-19 pandemic, the Virginia Peninsula Chamber of Commerce will host its first live event in partnership with ODU’s Strome College of Business. Economists from ODU’s Dragas Center for Economic Analysis and Policy will deliver their midyear forecast for an unprecedented year on June 17, 2021, from 7:30 am to 9:30 am at the Newport News Marriott at City Center. Individual tickets and sponsorship packages can be purchased online at https://bit.ly/2021EconomicForecastBreakfast.
Dr. Robert McNab will deliver the national and Virginia midyear forecast update. For the first time since March 2020, COVID-19 infections, hospitalizations, and deaths are declining in all 50 states. With 3 in 4 Americans over the age of 65 fully vaccinated and 6 in 10 adults with at least one vaccination, the economic recovery from the pandemic has arrived. However, the economy has changed. Millions remain outside the workforce and supply chains remained constrained from the shocks of the last year. As prices rises and workers demand higher wages, can economic growth be sustained in the face of increasing inflation? Will interest rates rise or will price increases moderate later in the year? We will examine these and other questions in the national and Virginia economic forecasts.
Dr. Vinod Agarwal, chair of ODU’s Economic Forecasting Project, will deliver the regional forecast. At the regional level, latest data indicate a stagnant job market. The hotel industry was devastated by the pandemic, especially in the Williamsburg market. The pace of recovery in this industry will be discussed. The residential housing market appears to have escaped the brutal impacts of COVID-19. We will also examine the impact of the pandemic on movement of cargo at the port of Virginia. What might the future look like for the Hampton Roads economy post COVID-19?
ODU’s Dragas Center for Economic Analysis and Policy has for more than 20 years been an independent explainer and forecaster of economic data here, in the Commonwealth and nationally.