Economic Indicators: Unemployment at 3 Percent; Home Sales Up

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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.

Public input on County Executive Ed Long’s proposed FY 2018 budget is underway and public hearings are scheduled for April 4-6. The Board of Supervisors is scheduled to vote on the new budget on May 2 and the FY 2018 budget will be effective July 1.

 

What’s Up

Home Prices: The average sales price of all homes that sold in January 2017 in the county was $545,772, an increase of 8.1 percent over the January 2016 average sales price of $504,805.

Home Sales: In January, 794 homes were sold in Fairfax County, an increase of 6.9 percent over the 743 homes sold in January 2016.

 

What’s Down

Jobs: In good news, the December unemployment rate in our county decreased a 0.2 percentage point to 3 percent. The number of unemployed residents decreased over the month from 19,943 to 18,754.

Tax Receipts: Sales tax receipts in February were down 0.2 percent.

Home Listings: The number of active listings in the county in January was 1,977, a decrease of 17.4 percent from the 2,394 listings in January 2016.

Read Economic Indicators Report

 

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