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High stakes
The 2024 presidential race between Democratic Vice President Kamala Harris and Republican former President Donald Trump carries hefty consequences for Virginia’s economy that will be even more pronounced than in previous elections. Presidents are limited by the constraints of Congress — particularly if either chamber is held by the opposing party — and the clunkiness […]
Data centers added $54.2B to Va. GDP over five years
The data center industry contributed $54.2 billion to Virginia’s gross domestic product from 2017 to 2021, according to a PricewaterhouseCoopers study released Tuesday. That calculation includes indirect impacts from other businesses as part of the data center industry supply chain and induced impacts resulting from household spending of income earned from the industry or its […]
FloydFest cancelation causes economic ripples
FloydFest, a five-day celebration showcasing more than 100 performers, has had an annual regional economic impact of about $4 million since its 2002 founding, according to festival organizers. Even so, county officials and local business owners seem to be taking a “c’est la vie” attitude to the cancelation in April of this year’s FloydFest, which […]
AWS reports it invested $51.9B in Va. from 2011-21
Amazon Web Services Inc. invested more than $51.9 billion in Virginia between 2011 and 2021, according to an economic impact statement released by the company Wednesday. That investment total includes capital and operational expenditures in Virginia, including Loudoun, Fairfax and Prince William counties, AWS said. During that same period, the company has contributed an estimated […]
Fifth District economy little changed since August, Fed says
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has been largely unchanged since August, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic […[...]
Economic growth to continue slowing, ODU experts say
The U.S. economy will continue to slow in the second half of 2022 and a recession is increasingly likely, according to the Old Dominion University‘s Dragas Center for Economy Analysis and Policy‘s mid-year economic forecast released Friday. Increases in inflation are expected to slow as well but harden, leaving costs elevated, report Robert McNab and […]
Port of Va. had $100B+ economic impact in FY21
Amid some of the toughest months of the pandemic, the Port of Virginia set cargo records, processing more than 3.2 million TEUs (20-foot equivalent units) for the fiscal year ending June 30, 2021, and generating more than $100.1 billion in ancillary economic impact, according to the port’s fiscal 2021 economic impact report released Thursday. According […]
