NORFOLK, Va. — "The future is mostly bright." So says Old Dominion University's (ODU) new State of the Commonwealth report.
But the document notes there is continuing uncertainty when it comes to stable appropriations from Congress and raises questions about what that ongoing drama means for Virginia's economy going forward.
According to the report, employment and state tax revenues are up.
But, for all the good news, the document notes that population growth has slowed "appreciably."
It says that the rise in housing values meant that some Virginians were priced out of the single-family housing market.
And, although the ODU team has forecast that the Virginia economy will continue to grow in 2024, the report says that that growth will continue to lag that of the nation.
On top of that, there is more uncertainty involving appropriations from Congress.
According to the Congressional Research Office, the U.S. is currently operating under the 200th continuing resolution funding government since 1977.
"If you're a defense contractor, a federal civilian employee, if you're a military service member, you're sitting there at the holidays with a great deal of uncertainty, going, are we going through this yet again?" said Professor Bob McNab, Chair of the Department of Economics and Director of the Dragas Center for Economic Analysis and Policy in the Strome College of Business at Old Dominion University, during an interview Monday with 13 News Now.
The ODU report notes that: "If federal departments and agencies can be funded for the entire fiscal year, this will bring a sigh of relief to many Virginians."
But McNab points out, that's a big if.
"We expect to grow in 2024 if Congress can get its act together, and we note that's a very large assumption," he said.