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Thursday, July 3, 2014

Fairfax County economy mostly stable

A new report on the economic health of Fairfax County by the county’s Department of Management and Budget shows slight improvements in some indicators, while others are down a bit or unchanged.

Here are some key findings:
  • The unemployment rate in Fairfax County decreased from 4.1 percent in March 2014 to 3.6 percent in April 2014. That compares to a 3.9 percent unemployment rate in Fairfax County in April 2013. The county’s unemployment rate is lower than that of state of Virginia (4.9 percent) and the nation (6.3 percent) in April 2014.
  • Sales tax receipts distributed to Fairfax County in June for retail purchases made in April were $13.8 million, a decrease of 1.7 percent from June 2013. During the first 11 months of FY 2014, sales tax receipts were down 1.4 percent from the same period in FY 2013.
  • The number of home sales in Fairfax County during the first five months of 2014 is down 10.4 percent compared to the same period in 2013.
  • The average sales price of all homes sold in the county in May 2014 was $557,484, a 2.2 percent increase over May 2013. The inventory of homes for sale increased 50.3 percent in May 2014 compared to May 2013.
  •  The commercial office market remained sluggish in 2013. The direct office vacancy rate was 14.4 percent at the end of 2013, the same as at the end of 2012. The overall office vacancy rate, which includes sublet space, was 16.7 percent at the end of 2013, also unchanged from the previous year.

1 comment:

  1. A 50% increase in the inventory of unsold homes seems huge to me, yet I'm not seeing that on the streets...