THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Monday, May 22, 1995 TAG: 9505200224
SECTION: BUSINESS WEEKLY PAGE: 04 EDITION: FINAL
TYPE: TALK OF THE TOWN
LENGTH: Medium: 54 lines
Hampton Roads' jobless rate dipped to 4.6 percent in March. It was the lowest level recorded in almost five years.
So where's the economy headed?
``That's what we don't know,'' BankAmerica Corp. chairman Richard A. Rosenberg said. He was among the top business executives gathered in Williamsburg recently for the Business Council's regular session of golf and prognostication.
``We've never seen a sharper split on forecasts, from economic growth to interest rates,'' Rosenberg said. ``But nobody sees any sign of recession.''
Norfolk Southern Corp. chairman David R. Goode on the Norfolk-based transportation firm's recent recent operating agreements and partnerships in the Northeast:
``There is enormous potential for rail growth on that corridor,'' Goode said recently, referring to the jammed truck traffic on Interstate 95 throughout the Northeast. ``That is what we are after.''
Fewer Canadian tourists are expected in South Carolina this year, but the Palmetto State still looks abroad. Visits from Europeans increased 121 percent between 1991 and 1993, reports S.C.'s Department of Parks, Recreation and Tourism.
``The world is a much smaller place today,'' said Bob Liming, the department's international marketing director. ``The Cold War is over. The Berlin Wall has fallen and people who could not leave their country can. Give them five to 10 years. They will have jobs and money, and where do they want to go? To the United States.''
Gov. George Allen promised to create 125,000 jobs by 1997. In case you've lost count, he's almost three-quarters of the way to his goal.
At least that was the message when he summoned reporters in Richmond to report the creation of 87,200 new jobs in his first year in the governor's mansion.
While the governor vigorated Virginia, much of the industry in the state was also at work. In fact, more than one economist has suggested the economy's rise or fall is beyond the direct control of a governor. Virginia has had record-setting employment growth every year since 1983, except during the 1990-91 recession, Virginia Employment Commission statistics show.
``Virginia is part of the nation,'' said VEC senior economist William F. Mezger. ``To some extent, you can control your own destiny, but not completely.'' by CNB