Latest Economic Report: Unemployment Remains Steady at 3.1%

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 economy. The good news in this latest report is that our unemployment rate dipped slightly and remains steady at 3.1 percent.

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 FY 2018 Budget became effective on July 1. The Fairfax County Public Schools superintendent and the acting county executive are scheduled to present their FY 2019 budget forecasts on Nov. 28.

Read the Latest Report

 

What’s Up

Home Prices: The average sales price of all county homes sold in August was $568,769, an increase of 2.9 percent over the August 2016 average sales price of $552,478.

Chart showing an increase in home prices in August 2017 compared to August 2016.

Federal Procurement Spending: During federal fiscal year 2016 – the most recent data available – total federal procurement spending in our county increased from $22.9 billion to $24 billion, an increase of 4.8 percent over fiscal year 2015.

 

What’s Down

 Home Sales/Active Listings: The number of active listings in the county in August was 3,106, a decrease of 9.5 percent from the 3,431 listings in August 2016.

Home Sales Volume: In August, 1,459 homes were sold in the county, a decrease of 6.5 percent from the 1,561 homes sold in August 2016.

 

What’s Unchanged

Jobs: Compared to June, the July unemployment rate the county decreased 0.1 percentage point to 3.1 percent. The number of unemployed residents decreased over the month from 20,571 to 20,263.

Tax Receipts: State sales tax receipts distributed to the county in September for retail purchases made in July were $14.4 million, unchanged from a year ago.

 

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