Old Dominion 91����Ƶ Experts Provide Glimpse into the 2026 Economic Forecast Report, Scheduled for Jan. 28

By Joy Vann 

In 2025, tariffs dominated economic news, along with the toll of federal downsizing and trends in consumer spending. How these will play out in 2026 remains to be seen.  

While predicting economic performance is not an exact science, the experts at the Dragas Center for Economic Analysis and Policy in the Strome College of Business at Old Dominion 91����Ƶ have evaluated the numbers to paint a picture of what is likely to transpire in local, state and national economies. They have a record of accuracy that keeps regional business and thought leaders coming back year after year.  

The 2026 Annual Economic Forecast will be held January 28 during a luncheon in the Big Blue Room at Chartway Arena. is available for the event, which begins with networking at 11:30 a.m., followed by the report at noon. 

Economic Forecasting Project Director Vinod Agarwal, Ph.D., a professor of economics, has delivered the annual forecast since 1996, and will discuss the Hampton Roads forecast at the event. Bob M. McNab, Ph.D., professor of economics and director of the Dragas Center, will offer his analysis for the Commonwealth of Virginia and U.S. economies. 

Dr. Agarwal will focus his presentation on the region’s reliance on the federal government. 

“In the labor market, we observe significant dependence on federal civilian jobs which took a big dive towards the end of last year and would have a negative impact on the performance of the economy,” he said. “Dependence on the federal sector may be good news. It also comes with the bad news in the sense that if you continue to depend on it, you might be in trouble. We need to diversify the economy.” 

Dr. McNab will offer his analysis of how federal policies have impacted the nation and will share consumers’ outlook regarding the state of the economy.  

“Entering 2026, the U.S. and Virginia economies are in a more fragile state than they were when entering 2025. Cuts to federal civilian employment, the shuttering or downsizing of federal agencies and the leading impacts of the One Big Beautiful Bill have slowed growth,” he said.  

Over the past 20 years, the Strome College of Business’s Dragas Center for Economic Analysis has produced economic research reports for the state’s business and community leaders who rely on the data and analysis to identify areas in need of attention and to affect positive change. For more information, including previous Economic Forecasts and 91����Ƶ of the Region and Commonwealth Reports, visit the .