Posted: January 6, 2012

2012 - 2011 redux?

As Hampton Roads begins another year, Inside Business asked the region's business, government, civic, educational and community leaders to give readers an idea of what they would like to see happen in the year ahead and what they expect to see.

Leaders such as Greg Grootendorst, the chief economist with the Hampton Roads Planning District Commission, who said, "The economic outlook for the coming year is likely to be one characterized by very modest growth.

"Hampton Roads remains entrenched in the process of recovering from the great recession," he said. "The region has lost in excess of 50,000 jobs since payroll employment peaked in July of 2007; regional employment is now at the same level as it was in 2001."

Vinod B. Agarwal, an economics professor at Old Dominion University, concurs with Grootendorst. The author of an annual regional economic forecast, Agarwal will present his findings at 10:30 a.m. Jan. 25 at the Norfolk Waterside Marriott at the annual economic forecast event. (To register, call 683-5138.)

Agarwal said he expects the economy to pick up slightly in 2012, but it will continue to be a "jobless recovery." While the economy might grow some, unemployment rates will remain steady or rise.

But there are other, exciting things on the business horizon. From Hampton Mayor Molly Ward to Jerry Bridges, the executive director of the Virginia Port Authority, to Dana Dickens, president of the Hampton Roads Partnership, inside this issue you'll find what the region's leaders believe 2012 will bring, as well as what they hope it will bring.

By Bill Cresenzo

bill.cressenzo@insidebiz.com