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rw * The commonwealth can expect good, but not really great, economic growth during the next, two years, according to the forecast issue of the Virginia Business Report from the -College of William and Mary.
Virginia will generally track the nation during next two years, said Roy Pearson, director of the Bureau of Business Research, which produced the monthly report. ■ Nationally, the economic outlook is for moderate job growth, of about 1.45 to 1.9 percent in the next two "ySars after an advance of 1.5 percent during 1993. In Virginia, Pearson expects payroll job gains to be Slightly below the national rates, with growth of about 1 percent in 1994 and 1.2 percent in 1995.
After helping to pull the state out of the recession, the cyclical rebound jp residential construction and travel-related spending will be milder positive forces for growth during the next two years in the commonwealth. Pearson said the overall resident spending increases are likely to just match the state’s personal income growth rates, and actual and impending defense cuts will become a more significant negative factor than today in business decisions to expand its workforce.
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