Study: Virginia's Economy Turns Corner But Storm Clouds Loom - NBC4 Washington

Julie Carey, David Culver and the News4 team covering where you live

Study: Virginia's Economy Turns Corner But Storm Clouds Loom

A new economic report says Virginia has finally pulled out of the doldrums caused by the Great Recession and past restrictions on federal spending

    processing...

    NEWSLETTERS

    Study: Virginia's Economy Turns Corner But Storm Clouds Loom
    Shutterstock
    File photo of a Virginia flag

    A new economic report says Virginia has finally pulled out of the doldrums caused by the Great Recession and past restrictions on federal spending.

    Old Dominion University's 2018 State of the Commonwealth Report was released Saturday. It says Virginia's economy picked up pace and is likely to improve more rapidly next year.

    A big reason is the increase in federal government spending, which makes up about a third of Virginia's economy. Military funding in particular will help sustain growth in 2019.

    Amazon's plan to build a headquarters in northern Virginia also factors into the higher expectations.

    High Schooler Today, Amazon Worker Later?

    High Schooler Today, Amazon Worker Later?

    High school and college students in Northern Virginia are already training for future jobs with Amazon, at their future headquarters in the area. News4's David Culver reports.

    (Published Wednesday, Nov. 14, 2018)

    But the university in Norfolk also warned of "storm clouds on the horizon." The rapidly increasing federal deficit could ultimately lead to spending cuts and federal tax increases. Neither would bode well for Virginia.

    Watch NBC4 and get the latest news anytime, anywhere. Check here for TV listings.