UVA Cooper Upgrades Virginia Growth Forecast

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In its latest quarterly forecast, the University of Virginia's Weldon Cooper Center for Public Service has upgraded its projection of Virginia’s GDP growth to 0.5% in 2026 compared to the 0.2% decline it had forecast in May. Consistent with prior forecasts, the UVA economists see the state’s economic growth improving after 2026, with the new forecast calling for state GDP growth of 1.4% in 2027 and 1,6% in 2028. However, they note that the state’s economic growth is not accompanied by a corresponding growth in employment, as they forecast a 18,500 decline in payrolls for the state in 2026. While the state’s unemployment rate has continued to stay low, the UVA economists note that this has been due, in part, to sizable declines in the state’s labor force since early 2025. 

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