Economic Indicators: County Unemployment 2.6%; Lowest Since 2008

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. This new report shows positive news on jobs and home sales prices in Fairfax County.

These monthly economic indicators serve as one of the tools used by the Board of Supervisors, county executive and budget staff to make decisions on the county’s budget.  The county executive presented his proposed FY 2019 budget on Feb. 20 and residents are encouraged to provide input to the Board of Supervisors through mid-April.

Read The Latest Report

 

What’s Up in Economic News

Jobs: December’s unemployment rate in the county decreased 0.4 percentage point to 2.6 percent, the lowest level since 2008. The number of unemployed residents decreased over the month from 18,780 to 16,677.

Home Prices: The average sales price of all homes that sold in January in our county was $560,919, an increase of 2.8 percent over the January 2017 average sales price of $545,772.

Chart listing average home sale prices for 2017 and 2018.

  Tax Receipts: Sales tax receipts distributed to Fairfax County in February for retail purchases made in December were $18.6 million, an increase of 0.9 percent over February 2017. Through the first seven months of FY 2018 (July 2017 – January 2018), sales tax receipts are up 3 percent over FY 2017.

 

What’s Down

  Inventory of Homes for Sale: The number of active listings in the county in January was 1,515, a decrease of 23.4 percent from the 1,977 listings in January 2017.

  Home Sales Volume: In January, 786 homes were sold in the county, a decrease of 1 percent from the 794 homes sold in January 2017.

 

Learn More

The county has a strategic roadmap to grow and expand our economy. Learn more about the Economic Success Plan.

 

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