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The Housing Recession Economic Forecast

This ninth annual economic forecast, prepared by Chmura Economics and Analytics, anticipates that Virginia’s economy will be sluggish for the remainder of 2008 before improving in 2009. Single-family building permits, which fell more than 20 percent in both 2006 and 2007, are forecast to continue declining over the next two years. Other components of the forecast include: Employment growth is forecast to slow to 0.5 percent in 2008 before accelerating to 2.9 percent in 2009; wages and salaries will slow to 3.9 percent amid the business cycle downturn in 2008 before accelerating to 5.0 percent in 2009; and real retail sales are expected to increase at 0.3 percent in 2008 before improving to 3.6 percent in 2009. The forecast provides key projections for each of 11 Virginia Metropolitan Statistical Areas.

Past Years’ Economic Forecasts:

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