Virginia Consumer Sentiment Rises as Governor Spanberger Focuses on Lowering Costs for Families

RICHMOND, VA - As Governor Abigail Spanberger hits the ground running to lower costs for families, Virginians are feeling more optimistic about the future of the Commonwealth's economy.

According to new data from Roanoke College, all three components of the Virginia Index of Consumer Sentiment increased over the past four months - with the Commonwealth seeing the largest single-period rise in consumer expectations in more than a year.

"High costs impact all Virginians across every corner of our Commonwealth," said Governor Abigail Spanberger. "This data is a good sign for both Virginia consumers and businesses. Together with my partners in the General Assembly, I will continue to focus on lowering costs for families and fostering a steady business environment that drives economic growth, creates good-paying jobs, and attracts new investment to our Commonwealth."

In the opening months of her administration, Governor Spanberger has remained laser-focused on making life less expensive for Virginians. In December, Governor Spanberger announced the "Affordable Virginia Agenda" - her key legislative priorities with General Assembly leaders to lower housing, healthcare, and energy costs for Virginians - all of which have passed the House of Delegates or Senate. The Governor also signed executive orders directing her administration to identify ways to reduce living expenses for families, reduce healthcare costs for Virginians, and encourage the development of more housing to lower housing costs.

Read below for analysis from Roanoke College about Virginia's rise in consumer sentiment during Governor Spanberger's opening months in office:

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"The February readings suggest that Virginia households are becoming more optimistic about the year ahead," said Alice Kassens, senior analyst for the Institute for Policy and Opinion Research and dean of Roanoke College's School of Business, Economics, and Analytics. "The rise in expectations, now the strongest driver of overall sentiment, indicates that consumers see a positive trajectory of the economy, supported by moderating inflation, solid wage gains, and a tightening state labor market. The improvement comes as Virginia's newly inaugurated governor begins rolling out early legislative actions and policy priorities. Combined with steady statewide labor market conditions and easing inflationary pressure, these political and economic developments appear to have bolstered consumers' outlooks for the coming year."

"Virginia's sentiment levels also continue to exceed national readings, reflecting the commonwealth's resilient employment base and relatively stable household finances. While these results point to strengthening consumer conditions heading into the spring, sentiment remains well below pre-pandemic highs, and households still face elevated prices for many essentials. Overall, the February results point to steady, broad-based strength in the commonwealth's economy, with improving expectations suggesting that households see current momentum carrying into the coming months."

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