Latest Economic Indicators Report: Home Sales, Unemployment and Tax Receipts

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

These monthly reports also serve as one of the tools used by our budget staff and the Board of Supervisors to make decisions on the county’s budget. On Tuesday, April 19, the Board of Supervisors will make its revisions (called mark up) to the county executive’s proposed FY 2017 budget.  The Board will vote on formal adoption of the FY 2017 budget on April 26.

What’s Up

Sales Tax receipts are up 2.5 percent for the first eight months of the fiscal year, which began July 2015.

In February, 834 homes were sold in our county, an increase of 9.2 percent over the 764 homes sold in February 2015.

The average sales price of all county homes that sold in February was $520,770, an increase of 1.1 percent over the February 2015 average sales price of $514,898.

What’s Down

 Employment was down slightly in January. That month’s unemployment rate was 3.4 percent, an increase of 0.4 percent from December. The number of unemployed county residents increased that month from 18,954 to 20,974.

Homes for sale stayed on the market longer. On average, homes that sold in February were on the market for 82 days. This is five days longer than the 77 day average in February 2015.

Read The Economic Indicators Report (PDF format)

 

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