The ODU Economic Forecasting Project will present the 2007 Hampton Roads Regional Economic Forecast this Wednesday, January 17, from 10:30am – 11:45am at the Norfolk Marriot Waterside. The event is free and open to the public. Immediately afterwards, the Economic Club of Hampton Roads will hold a luncheon with a presentation by Mark Zandi, Chief Economist for Economy.com. The luncheon is $30 for non-members of the Economics Club and reservations are required. Call 757-683-4058.
I’ve attended both events the past few years and it is good information for anyone who is interested in where our local economy has been and where it appears to be going. The number of folks at the Regional Forecast event seems to get larger every year. Zandi is a pretty good speaker and his National Economic Outlook presentation is easily worth the $30. I’m not sure how many years in a row this will make having him as the speaker. Actually – if I recall correctly, he was scheduled to speak last year and didn’t make it because of bad weather. Former ODU president and local economist James Koch filled in ably for him, presenting information on his State of the Region report.
A couple of things in today’s Virginian-Pilot worthy of mention:
Effect of Ford plant closure
Mark Vitner, senior economist with Wachovia, says that the region will withstand the closure of the Norfolk Ford plant because there are not many parts suppliers here. He also spoke of the port and predicted that the downturn in home building will soon be ending
Warning for builders
The core cities – Norfolk, Portsmouth, Virginia Beach and Chesapeake – are running out of land to build on. Average sales prices have increased 26% a year between 2000 and 2006, while average household incomes have only increased 3.5% a year. Combined, these issues make for tough times ahead for builders.
VIVIAN J. PAIGE | All Politics is Local 