Old Dominion University released its annual State of the Commonwealth Report on December 18, 2023. While the authors found Virginia’s economy improved in 2023, they also found that people continued to leave the commonwealth, the economy grew slower than in neighboring states, and the economic activity was not evenly dispersed.
Economic “good news” offered by the report includes a “record number of Virginians” who were “at work or looking for work,” with workforce “participation increased above pre-pandemic levels.” Virginia’s hotel industry also saw growth, with revenues surpassing those of 2019.
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