Dr. Robert McNab (l), Dr. James Koch (c) and Rotarian David Brandt
The Program: Rotarian of Day, David Brandt, introduced Dr. James Koch, former ODU President and now Professor of Economics Emeritus. This was his 29th and final presentation to the Club on the state of the Hampton Roads economy. Dr. Koch was presented a Charles Woodard Fellow in commemoration from Club on this amazing record and received standing ovation.
Koch introduced his colleague, Robert McNab, also ODU economics professor, who will be taking over the regional report.
Hampton Roads economy grew 1.36% in 2016 and predicted 1.41% for 2017. Both numbers are below US GDP at 1.62% and 1.74% for 2016 and 2017. Taken as a country the region would have 60th largest economy in world with estimated $103.17 billion in gross regional output.
The big gorilla is still defense sector spending which has ranged from $18.7 billion to $19.4 billion since 2010. Today it represents about 36% to total regional economy. Tourism and the Port account for about 20%. Other important sectors include healthcare, biomedicine and cyber security.
Koch emphasized the region has been modestly successful in economic diversification, but it is most important to leverage existing strengths –working with defense sector and investing in private sector entrepreneurship. He envisions a metropolitan area similar to San Diego or Washington DC, with a large tourism, military and educational complex working together to foster a climate of entrepreneurship and innovation.
The Meeting: President Gary welcomed all back from the ‘bomb cyclone” weather event followed by musical accompaniment from Bob Heely and Pam Tubbs. Barbara Lipskis provided an invocation.
Jim Baker’s visitation report indicated that Ted Baker and Bob Ash have made excellent progress in their recoveries and expect to be at next meeting.
Kelly Stefanko kicked off guest introductions: William Gough, Bob Dyer; Mark Shaw, Leon Hodges; Chip Vogan, Dr. John Cameron, adjunct ODU professor; John Padgett, Tom O’Grady of Clancy & Theys.
Pam Tubbs reminded that Norfolk Rotary Charities grant applications for 2018 distribution are due January 31.
Angela Kerns was recognized for Paul Harris Fellow +1 and Bernie Cohen for +4.
Fines:
- Edna Kolovani, picture in Compass 12/17;
- Pam Tubbs for U. of South Carolina Outback Bowl win;
- Joe Massey was mentioned in Norfolk Academy Alumni magazine;
- Bob Powell for being dug out from snow storm and restored hot water at farm;
- Michael Desplaines for a successful work trip to Key West;
- Chick Robison's cell phone went off;
- Sigur Whitaker for upcoming publication of book on Indianapolis automobile industry;
- Barb Lipskis didn't wear her Rotary pin;
- Jim O’Brien remembered Walt Grandy who recently died.
Bob Powell won the raffle but the Big Pot will grow again next week.