Latest Economic Indicators Report Shows Some Bright Spots

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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. This month, we have a few bright spots in the report.

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, Feb. 16, the county executive presented his proposed budget for the upcoming Fiscal Year 2017  (effective July 1, 2016).

 

What’s Up

Employment is up. The December unemployment rate in Fairfax County was 3 percent.

Sales tax receipts in the county are up 3.5 percent for the first seven months of the fiscal year – July to December.

In January, 743 homes were sold in Fairfax County, an increase of 5.4 percent over the 705 homes sold in January 2015.

 

What’s Down

The average sales price of all homes that sold in January in the county was $504,805, a decrease of 4.2 percent from the January 2015 average sales price of $526,786.

On average, homes that sold in the county in January were on the market for 75 days. This is 2 days longer than the 73 day average in January 2015.

Read the Economic Indicators Report
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