The Economic Pulse of Greater Williamsburg: A Closer Look

Key Topics Discussed

• Job Market
• Housing Trends
• Tourism Industry

Inflation Concerns

Recent data shows a rise in prices, partly due to tariffs on imported goods. Experts are uncertain if this trend will continue.

Housing Market Challenges

• Low mortgage interest rates discourage homeowners from selling.
• Surplus of homes could drive prices down.
• Rising property taxes and insurance costs add to the problem.

Job Market Outlook

• National job availability has decreased.
• Unemployment expected to rise to 4.7% by early 2026.
• Virginia fares better, but slower hiring rates persist.

Tourism Decline

• $35 billion spent in Virginia in 2024, with $1.35 billion locally.
• Decrease from previous year due to inflation.
• Hope for rebound in 2025 with major events planned:
• America’s 250th birthday celebrations
• Colonial Williamsburg’s 100th anniversary

Impact of Artificial Intelligence (AI)

• AI is changing education and the workforce.
• Students heavily using AI tools, which may hinder skill development.
• Educators face pressure to prepare students for a rapidly evolving job market.