Dr. Robert McNab with Rotarian of the Day, Steve Schultz.
THE PROGRAM
President Pam introduced our Rotarian of the Day, Steve Schultz, by a skillful interview format. Steve is currently a professor of marketing with the Strome College of Business at Old Dominion University. Prior to his teaching career, Steve worked in industry for over 30 years where his jobs had him and his family moving to eight (8) different locations. Steve’s industrial career was primarily with Sealed Air Corporation, which manufactures “bubble wrap” and other packaging products. Steve is married to Julie and they have three adult children. Steve and Julie live in East Ocean View.
Steve introduced his colleague, Robert M. McNab, Ph.D., a Professor of Economics and Director of the Dragas Center for Economic Analysis and Policy at the Strome College of Business at Old Dominion University. Dr. McNab received his BA in Economics from California State University and his Ph.D. in Economics from Georgia State University. Recently, Governor Northam appointed him to the Joint Advisory Board of Economists for the Commonwealth of Virginia. Widely published, he also serves as editor of the State of the Region: Hampton Roads and the State of the Commonwealth annual reports.
Dr. McNab began by recognizing the long record of Dr. Koch in serving as Editor for the Region’s Annual Report and in speaking to our Club for many years. He also recognized the support of the University and a group of generous sponsors.
Dr. McNab’s presentation followed the recently released “State of the Region: Hampton Roads 2018” report, which is available on line.See www.ceapodu.com.
Dr. McNab asked and answered the question: “Is it morning again in Hampton Roads?”In doing so, he took us back more than a decade to review the region’s economy as compared to that of the state and nation.The year 2006 saw a peak in economic activity in our region, followed by a decline, and then in 2008 a crash.The decade that followed saw further decline and stagnation in our economy, but in 2018 we have experienced growth.Moreover, the forecast for 2019 is for the continuation of moderate growth.So yes, Hampton Roads, it is morning again!
The three pillars of the Hampton Roads economy, military/defense, tourism, and ports, are all growing.Although defense spending saw stagnation over much of the last decade, particularly during sequestration, the recent enactment of a Defense Spending and Authorization Bill bodes well for our economy, for at least the next year.Dr. McNab also noted that a steady tourism industry and thriving port activity are driving our growth in 2018.These positives are expected to continue in 2019.This forecast should result in the first back to back growth years in over a decade.
We have more people working today and more jobs than ever before, yet we still have a low labor force participation rate.This points to the need for job training and transition programs, and also wage inflation pressures.Unemployment in Hampton Roads is currently approximately 3%.Dr. McNab also referenced improvements in home and real estate values as evidence of our growing economy.
Economists are quick to add “but on the other hand…”.Being no exception, he recited some of the region’s challenges, including the well-known dependence on the military, and inability of the communities or municipal governments to work cooperatively.In several instances he compared the lack luster economic growth of our region to that of the Richmond Metro Area and suggested that those cities and counties have been better at putting aside local interest in favor of the greater regional good.He also discussed the expansion of Medicaid and the uncertain impact of that program on the state’s budget and our regional economy.These are all challenges that we face and must address if we are to thrive as a region.
THE MEETING
President Pam called the meeting to order. She also led us in song. Irv Wells gave the invocation and also a visitation report on Teddy Baker and Joe Massey.
Bob Heely introduced our visiting Rotarian, Crystal Rivenbark of the Suffolk Rotary Club
Rotarians with guests included the following:
- Lorna Cochrane with prospective member Bob Kuhlo
- Jeff Wells with Subodh John who resides in India.
- Shep Miller-his wife Gigi
President Pam then called upon past District Governor, John Padgett, to make a special presentation. John recognized Shep and Gigi Miller as major donors to the Rotary Foundation for contributing over the years more than $10,000.00!
Since no good deed goes unpunished, President Pam, also “fined” or levied “Happy Bucks” on Shep for his recent mention in Virginia Business. President Pam also received some Happy Bucks from other Rotarians, including Lisa Chandler (recent Pilot story), Jim Kitz (32nd anniversary) Marilyn Gowen and Susan Donn.
President Pam remarked on the Pilot’s reporting on the celebration of the oyster recovery event held at the Hermitage and noted this Club’s role in restoring oyster reefs. Bob Ash commended Rick Coradi for his leadership as Club President when the Club took a leadership role in funding the construction of oyster reefs. Other Rotarians instrumental in this effort included Harry Taylor and Ray Moses.
Bryce Burton gave us a report on the successful “Growl Fest” and commended all those who participated and worked the event, especially Collins Gooch for working the gate.
Jeff Wells invited us to review the Suds and Buds food vendor list for additions of sponsors.
Diana Starkey turned in her Red Badge for a Blue one. Congratulations!
Ray Moses was the lucky winner of the Daily Pot, but did not draw the Queen!