This tenth annual economic forecast, prepared by Chmura Economics and Analytics, forecasts a 1.6 percent decline in empoloyment in Virginia for 2009 and expects employment increases to begin in the second half of 2010. Housing permits will further decline 18.8 percent in 2009, after falling 33.9 percent in 2008 but will rebound and grow by 5.5 percent in 2010. 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. Finally, Dr. Chmura, who served on the Governor’s Climate Change Commission, discusses the economic impact of proposed actions to confront climate change.
Past Years’ Economic Forecasts: