CENTERS for
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| Economic DevelopmentThe key to a growing economy is increased economic development and a decrease in government intrusion into the market place. As the old saying goes, "A rising tide lifts all ships." That theory applies to economic development. If a vibrant economy is available to Virginia, then everyone benefits -- more people are employed and the tax base allows for adequate funding for government programs. Government policies and actions impact on future economic development and this Center looks at specific issues impacting on economic development based up the Mission Statement of the Thomas Jefferson Institute.
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June 2010
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The State of Transportation -- The 2010-2011 Economic Forecast —
This eleventh annual economic forecast, prepared by Chmura Economics and Analytics, places a special emphasis on analyzing the state of transportation in the Commonwealth. It also forecasts employment in Virginia will expand to 0.4% in 2010 after receding 3.2% in 2009. Employment growth is expected to accelerate to 1.9% in 2011. On an annual average basis, single-family building permits dropped16.5% in Virginia in 2009 and are forecast to rise 10.7% in 2010 and 11.9% in 2011. This year's forecast analyzes a variety of Virginia economic sectors, including technology, the labor market, income, retail sales, and the housing market. The forecast also provides key projections for each of 11 Virginia Metropolitan Statistical Areas.
Dr. Chmura has a record of accuracy in most of her firm’s projections. Last year’s Virginia Economic Forecast anticipated the depth of the economic contraction. In 2009, real gross domestic product contracted at a 2.5% pace compared with Chmura’s forecast of 3.1%. The forecast last year called for consumer spending to decline by 0.6% in 2009 which was right on target. Chmura’s forecast of a 20.8% drop in residential investment was very close to the actual 20.5% decline. The job decline in Virginia was also more severe than anticipated, falling twice as fast in 2009 than her projected 1.6% decline.
Past Years' Economic Forecasts:
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March 2010
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Jefferson Institute Praises Obama Decision on Off-shore Drilling —
3/31/2009 -- Michael Thompson, Chairman of the Thomas Jefferson Institute praised today's decision by the Obama Administration to allow Virginia to explore for natural gas and oil in the deep ocean waters off the state's coast. Read the News Release Here!
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September 2009
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Forcing Union Payments on Taxpayer-Funded Projects —
By Michael W. Thompson In an Executive Order few have heard about, President Obama is trying to eliminate union competition for federal construction projects. Here's what it means for Virginia workers and companies. Read It Here!
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address:
9035 Golden Sunset Lane
Springfield, VA
22153 phone:
(703) 440-9447 fax:
(703) 455-1531 email:
info@thomasjeffersoninst.org |
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