Economic Indicators: Northern Virginia Employment Special Report

economic graphic with arrows going up and down

The latest economic indicators report is out so you can see what’s up and what’s down in our local economy.

These monthly economic indicators serve as one of the tools used by our budget staff and the Board of Supervisors to make decisions on the county’s budget. The recently approved FY 2018 Budget is effective on July 1.

A special report on Northern Virginia employment is included this month.

Read the Economic Indicators Report

 

What’s Up

Home Prices: The average sales price of county homes that sold in March was $563,377, an increase of 6.2 percent over the March 2016 average sales price of $530,553.A chart showing the county's March 2017 home prices.

Home Sales: In March, 1,256 homes were sold in our county, an increase of 16 percent over the 1,083 homes sold in March 2016.

Single Family Building Permits: During the first quarter of 2017, 256 new single family building permits were issued in the county, a 23.1 percent increase over the 208 permits issued during the same period in 2016.

 

What’s Down

Tax Receipts: Sales Tax receipts distributed to Fairfax County in April for retail purchases made in February were $12.9 million, a decrease of 0.8 percent from April 2016.

Home Sales/Days on Market: On average, homes that sold in the county in March were on the market for 53 days. This is 16 days fewer than the 69 day average in March 2016.

Unemployment: The February unemployment rate in our county decreased to 3.1 percent.

 

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