Virginians’ view of the economy is still 23 points less favorable than pre-pandemic levels. (Adobe Stock)
NORFOLK — A new State of the Commonwealth report by Old Dominion University finds Virginia had a strong year in 2024. But researchers say challenges remain.
The report finds housing will be a major issue in the state, as local governments work to address housing shortages and zoning laws.
Virginia had its fourth straight year of economic growth in 2024, ranking as the number one state to do business.
Bob McNab, professor of economics at Old Dominion University, said the overall outlook for Virginia in 2025 is positive. But he said a number of factors may impact that forecast.
“We saw inflation decelerate, real wages — that’s wages after inflation — rise, jobs continue to increase,” said McNab. “As Virginia enters 2025, it is in a good position to continue…
