Economists: Virginia and Hampton Roads could see growth

NORFOLK, Va. (AP) - Economists say the economy in the U.S., the state of Virginia and the Hampton Roads region could see growth this year.

The Virginian-Pilot reports that the prediction comes from Old Dominion University professors Robert McNab and Vinod Agarwal. They presented their annual forecasts on Wednesday.

McNab said that we could see “another roaring 20s,” if the country plays its COVID-19 vaccine cards right.

McNab said much of the nation’s job recovery will depend on the vaccine roll-out and the willingness of individuals to get a shot. He said that vaccinations will lead to lower infections and more jobs.

But the recovery could be delayed if there is significant resistance to the vaccine or supply constraints.

“Obviously, COVID-19 will frame 2021,” he said.

The Hampton Roads region is home to several military installations, including the world’s largest Navy base in Norfolk. The regional economy should bode well in the near term with defense spending growing by 6% in 2020 and expectations that it will grow by another 5% in 2021, Agarwal said.

Agarwal also said that he expects the region’s hotel industry to grow by 18.7% this year as the vaccine makes more people confident to take vacations.