Highlights from the 2016 report include:
The Virginia Economy in Transition: The Commonwealth is experiencing relatively slow economic growth as it gradually transitions from an economy highly dependent upon federal spending to one that still involves a substantial federal presence, but also more value-added private-sector activities, entrepreneurial ventures and participation in international trade.
Northern Virginia: Turning the Corner? NOVA now accounts for 37 percent of all employment in Virginia, but approximately 45 percent of the value of the Commonwealth’s economic activity. Recent growth in professional and business services employment suggests that the region may have turned the corner toward a more diverse, private sector-oriented economy.
The Hotel Industry in the Commonwealth: Over the past quarter-century, the hotel industry has become a relatively less important part of the Virginia economy. Occupancy rates have yet to recover to prerecession levels and price- adjusted hotel revenue and revenue per available room in 2015 similarly were below their previous peaks.
Broadband in Virginia: Vital for Economic Development: Up to 70 percent of the world’s internet traffic flows through Northern Virginia, but some areas of the Commonwealth still do not enjoy broadband internet connections. Robust broadband access now is as important as roads, bridges and airports in terms of economic development and population growth.
Stock Car Racing in Virginia: The Sport and the Business: In addition to its nationally prominent Bristol Motor Speedway and Richmond International Speedway, the Commonwealth hosts nine other racetracks, five dirt tracks and eight drag racing strips. While still a very important economic phenomenon, attendance and revenue data suggest that stock car racing has passed its peak of popularity.
Liberty University: A Higher Education Phenomenon: Christian-centered Liberty University has a combined on-campus and online enrollment of more than 100,000 students and has accumulated an endowment of $1.4 billion. The university’s long-term aspiration is to be considered in the same breath as Notre Dame is for Roman Catholics and Brigham Young is for Mormons.
Join us at the December 2nd presentation of the 2016 State of the Commonwealth Report. Event details can be found at:
7th Annual Virginia Economic Summit
The Report is sponsored by the Virginia Chamber of Commerce and supports the Chamber’s Blueprint Virginia strategy for stimulating economic development. Neither the Chamber nor Old Dominion University, however, endorses any viewpoints expressed in the Report.