In December 2021, the Commonwealth Transportation Board (CTB) adopted the Policy for Development and Monitoring of VTrans Risk & Opportunity Register. OIPI will provide an annual update on the identified risks and opportunities. Please utilize InteractVTrans DataExplorer to view and download jurisdiction-specific data.
Megatrend 4: Socio-demographic Changes
- Growth of the professional services industry
- Increased workplace flexibility
- Growth of the 65+ cohort
- Population and employment shifts
Three scenarios (low, medium, high) reflect uncertainty regarding forecasts. The policy relies on cumulative impacts of this and other macrotrends to identify risks and opportunities to the Commonwealth’s transportation system.
Macrotrend # 7: Growth of Professional Services Industry
The leading factors influencing the growth of the professional services industry are the growth of the service economy and the digitization of the economy. The following chart shows the projected job share of the professional and technical services jobs as a share of total regional jobs.
Professional and Technical Services Jobs Share of Total Jobs by Region, Medium Impact Scenario, 2045
Macrotrend # 8: Increase in Workplace Flexibility
The leading factors influencing the increase in workplace flexibility include the advancement of communications technology, the availability, reliability, and speed of broadband services, and the growth of the professional services industry. The following map shows the total number of jobs with workplace flexibility as a share of total regional jobs in a medium impact scenario.
Jobs with Workplace Flexibility as the Share of Regional Total Jobs, Medium Impact Scenario, 2045
Macrotrend #9: Growth of the 65+ Cohort
The leading factors influencing the growth of the 65+ cohort include migration patterns, locational preferences, medical advancements, and overall population growth. The following chart shows the projected change in share of population over age 65 between 2019 and 2050.
Projected Change in the Share of 65+ Population Cohort, 2019-2050
Macrotrend # 10: Population and Employment Shift
The leading factors influencing population and employment shifts include natural hazards and locational preferences of businesses and households. The following chart shows the projected change in population and employment between 2019 and 2050.
Projected Change in Population and Employment, 2019-2050
Cumulative Impacts of Mega and Macrotrends on Virginia’s Transportation Goals
Cumulative impacts and the resulting risks and opportunities this and other Macrotrends are available on this webpage: Policy for Development and Monitoring of VTrans Risk & Opportunity Register. Please refer to the following resources for more information:
- The Technical Guide for Development and Monitoring of VTrans Long-term Risk & Opportunity Register for methods and processes utilized to develop the estimates.
- InteractVTrans DataExplorer to view infographics related to this and other macrotrends.
Noteworthy Items
- The intent is to prepare, not predict. This risk-based approach allows for identification and analysis of a range of potential impacts to help determine temporal proximity and relative priority.
- Policy drivers can modify trends to achieve more desirable outcomes.
- The Policy for Development and Monitoring of VTrans Risk & Opportunity Register allows for monitoring and annual reporting of these trends.
Frequently Asked Questions (FAQs)
Looking for more specific information about the Policy for the Development and Monitoring of VTrans Long-term Risk & Opportunity Register? Find more information on our Frequently Asked Questions page