ODU Forecast: Hampton Roads Economy to Grow at Slower Pace
NORFOLK, Va. (AP) - An Old Dominion University economic forecast says the Hampton Roads economy will grow at a slower pace in 2015 than it did in 2014.
The university released its annual forecast on Wednesday. The forecast says reduced defense spending will dampen the region's economic growth, but the regional income is likely to rise due to growth in port activity, health care and increased tourism spending.
The forecast says the region's real gross regional product will grow nearly 2 percent in 2015, compared with 2.21 percent in 2014. The forecast also says the unemployment rate will likely fall from 5.6 percent in 2014 to 4.9 percent in 2015.
The forecast says tourism spending in 2015 will be aided by increases in federal travel, lower gasoline prices and growth in the national economy.