NORFOLK, Va. — Despite a projected six percent uptick in local defense spending in 2019, it was, overall, a somewhat sobering analysis from Old Dominion University's economic forecasting team.
Economists Bob McNab and Vinod Agarwal cite the just concluded 35-day federal government shutdown as an example of "how political conflict can dramatically affect" the economy by "increasing uncertainty and hampering growth."
The professors project the Hampton Roads Gross Domestic Product will increase slightly this year, by 2.4 percent. That compares to 2.2 percent last year.
For the state of Virginia, ODU projects the GDP will stay flat: increasing by 2.6 percent in 2019 as it did last year.