Dr. Vinod Agarwal spoke to the TREG agents at the annual special business meeting on Wednesday, Oct. 18, 2017, at Springhill Suites in Norfolk, where he discussed the Hampton Roads economy and a summary of the existing homes market since 2011.
Agarwal is the Director of the Economic Forecasting Project and Professor of Economics at the Strome College of Business at Old Dominion University (ODU) in Norfolk, VA.
According to Agarwal, home inventories have decreased substantially, and the number of homes sold has steadily increased. Mortgage rates continue to be at historic lows, but the median price has increased only slightly. The number of days on the market has also decreased from 102 days in 2011, to 75 days in 2016.
Agarwal covered more than just housing inventories and days on the market. He reported median household income here in Hampton Roads has grown to $61,805 since 2013. Monthly unemployment claims have dropped to 3,106 in July 2017, from their peak of 7,449 in March 2010.
On the business economy front, the estimated direct Department of Defense (DoD) spending here in Hampton Roads has also shown an increase, to $19.6 billion this year. DOD spending in 2016 was 1.9 percent lower than in 2012.
“Increasing geopolitical tensions will likely increase DoD spending in medium-term,” Agarwal said.
Understanding the economic forecast for our region is essential not only to the agents that serve the Hampton Roads community but also to anyone else who is a part of our economy.
Since 1984, Agarwal has co-authored 9 books on various aspects of the economics of Hampton Roads and Virginia’s ports. Inside Business named him as a member of The Power List of Top 75 People In Hampton Roads, in 2014, 2015 and 2016.
Interested in learning more about the economy in Hampton Roads? The Economic Forecasting Project provides current info on regional and national forecasts, as well as State of the Region Reports on their website.
TREG also gives special thanks to Atlantic Bay Mortgage Company for keeping us current!
What are some aspects of the economy are you interested in learning? Share with us in the comments! Are you thinking about buying your new home this fall in Hampton Roads? Start your search with us!