Virginia is about to get a bit older, according to the latest demographic projections.
"So according to Weldon Cooper's forecast, Virginia's population is expected to exceed nine million by 2030 and continue growing through 2040," Sarah Smith told lawmakers.
Smith is a methodologist at the Joint Legislative Audit and Review Commission and helped present the forecast to a panel of lawmakers Monday.
"The share of the population that's of traditional working age is projected to decline from 59 to 56% by 2040," Smith added
So, what does a decline in working-age adults mean for Virginia? JLARC director Justin Brown ran through some of the possibilities.
"You could see a decline in consumption," Brown noted. "Working age adults and their families are a huge driver of spending in the economy, and as you have relatively fewer young and working age adults, that reduced household spending could show up in slower growing or lower sales tax revenue, and that would obviously affect local and state governments."
A declining birth rate could also mean a reduction of demand for services like childcare, K through 12 schools and higher ed.
This report, provided by Virginia Public Radio, was made possible with support from the Virginia Education Association.
