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Virginia likely to slow to under 2% growth in 2025, ODU economist warns
Summary
Professor Bob McNabb told a Virginia Senate subcommittee that tariffs, falling container bookings and reductions in federal employment make a downturn likely this year and could push Virginia growth below 1% if current federal policies persist.
Professor Bob McNabb, chair of the Department of Economics at Old Dominion University, told a Virginia Senate subcommittee that state growth is at risk as federal policy shifts, trade disruptions and weakening labor indicators converge.
"If we think about the data that we have, we have essentially 3 types of data before us, lagging indicators, contemporaneous indicators, and forward looking indicators," McNabb said as he summarized national and Virginia data trends. He said national first‑quarter real GDP declined slightly and that a more recent surge in imports — driven in part by attempts to avoid higher tariffs — temporarily raised inventories that are now likely to be run down.
McNabb said forward‑looking container bookings remain down by double digits…
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