Economic Indicators: Home Prices Up; Northern Virginia Employment Special Report

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 local economy. This report also includes the Northern Virginia Employment Special Report.

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 2019 Budget became effective on July 1. The FY 2020 Budget forecast will be presented at a joint budget meeting of the Board of Supervisors and School Board on Nov. 27.

Read Economic Indicators And Employment Special Report 

 

What’s Up

Tax Receipts: Sales Tax receipts distributed to the county in October for retail purchases made in August were $15.6 million, an increase of 4.3 percent over October 2017. During the first three months of FY 2019, Sales Tax receipts are up 2.7 percent over FY 2018.

Home Prices: The average sales price of all homes that sold in September 2018 in Fairfax County was $561,056, an increase of 5.8 percent over the September 2017 average sales price of $530,429.

Economic Indicators October report chart on housing prices in the county.

Unemployment: Compared to July, the August unemployment rate in Fairfax County increased 0.1 percentage point to 2.5 percent. The number of unemployed residents increased over the month from 15,326 to 16,026.

 

What’s Down

Home Sales Volume: In September, 999 homes were sold in the county, a decrease of 13.6 percent from the 1,156 homes that were sold in September 2017.

Single-Family Building Permits: During the third quarter of 2018, 249 new single-family permits were issued in Fairfax County. This represents a 25.9 percent decrease from the number of permits issued during the same period in 2017.

RELATED >>>>> Who We Are in Fairfax County in 2018; Annual Demographics Report

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