Virginia’s GDP growth drops from 6.2% to 1.7%. Three new economic reports issue warnings about why and what comes next.
The reports also suggest the state may be losing high-wage jobs but gaining lower-wage jobs.
The reports also suggest the state may be losing high-wage jobs but gaining lower-wage jobs.
cardinalnews.org
Three new economic reports that came out last week suggest that Virginia’s next governor is going to have to spend a lot of her time dealing with a sluggish economy.
The state’s two largest metro areas — read: Northern Virginia and Hampton Roads, the state’s largest economic engines — are now losing jobs.
Virginia’s economic growth is now among the lowest in the country and is projected to remain slow through at least the first two years of the next governor’s term.
Unemployment is rising statewide and is projected to keep rising in 2026.
The three reports come from the Brookings Institution, Old Dominion University’s Dragas Center for Economic Analysis and Policy and the University of Virginia’s Weldon Cooper Center for Public Service. All three cite the same thing for this sour economic outlook — President Donald Trump’s policies, which have reduced federal employment and increased tariffs, both of which have hit Virginia uniquely hard because many of Virginia’s jobs have been tied to the federal government and beyond that the state has a trade-based economy