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Fed’s Fifth District economy sees mild expansion
Economic activity in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) expanded mildly in recent weeks, 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 conditions[...]
Economy healthy but more work is needed, Barkin says
The U.S. economy is showing signs of health, but bringing down inflation remains necessary, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday during the 2024 Financial Forecast event co-hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Economic conditions have improved but haven’t quite settled back to […]
Va.’s maritime industry has $8B economic impact, report says
Virginia’s non-military maritime industry was responsible for one in five jobs in Virginia and more than $8 billion in state and local taxes during fiscal 2022, according to a recent study conducted by William & Mary. The Virginia Maritime Association and the Virginia Port Authority commissioned the study to demonstrate the industry’s economic impact. The […]
Fed’s Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, 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 conditions [&hellip[...]
Federal shutdown could have deep impacts in Va.
In late 2018, the last time the federal government shut down for an extended period, Eric Ingram was furloughed from his job at the U.S. Federal Aviation Administration for six weeks. He used that time to co-found a startup focused on space safety, Scout Space. Launched in 2019, the Alexandria-based technology startup now has several […]
Fed Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, 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 conditions gathere[...]
Virginia rises to No. 2 in CNBC’s Top States for Business
Rated America’s best state for education, Virginia climbed to the No. 2 spot in CNBC’s 2023 Top States for Business rankings, with North Carolina taking the top spot for the second year in a row. “Virginia is our most decorated state, a five-time winner,” the cable business news network said Tuesday, “but you’ll pay dearly […]
2023 Va. hotel revenues up 12.9% over pre-pandemic
Hotel revenues in the commonwealth this year were 12.9% higher from January through May, compared with pre-pandemic business during the same period in 2019, according to data released Tuesday by STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. Hotel rooms sold were about the same compared […]
Fed Fifth District economy shrinks slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has contracted slightly since March, 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 conditions g[...]
Barkin: Raising interest rates is correct course
As inflation remains high and the fallout from recent bank failures seems contained, the Federal Reserve Bank has good reason to continue raising interest rates, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday in a speech to the Virginia Council of CEOs at the University of Richmond. “It is worth remembering that not […]
Va. labor market stayed strong in February
Virginia’s labor market remained strong in February, although growth is slowing, according to employment data from the Federal Reserve Bank of Richmond. Virginia had a net gain of 3,200 jobs in February. The Virginia state government employment was previously 12,000 jobs below the February 2020 level, but the state government nearly halved that deficit last […]
Crying wolf?
It’s “the most predicted potential recession in memory,” Federal Reserve Bank of Richmond President and CEO Tom Barkin quipped in January, but it hasn’t happened yet. Maybe. During the first half of 2022, surveys of consumers and CEOs showed they were worried about a recession coming on the heels of a 40-year peak in inflation […]
