Economic Indicators: Unemployment at 2.4%; Federal Spending Update

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.

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 The Most Recent Economic Indicators

 

What’s Up

Tax Receipts: Sales tax receipts distributed to Fairfax County in September for retail purchases made in July were $14.9 million, an increase of 3.7 percent over September 2017.

Home Prices: The average sales price of all homes that sold in August 2018 in Fairfax County was $572,086, an increase of 0.6 percent over the August 2017 average sales price of $568,769.

Chart showing Aug. 2018 homes prices versus Aug. 2017 prices.

 

What’s Down

Unemployment: The county’s unemployment rate is 2.4 percent and is down 0.8 percent from July 2017.

Home Sales/Active Listings: The number of active listings in the county in August was 2,888, a decrease of 7 percent from the 3,106 listings in August 2017.

 

Federal Spending Update

Based on information from the Federal Procurement Data System, in federal Fiscal Year (FY) 2017, which is the most recent data available, total federal procurement spending increased from $24 billion to $24.2 billion. This was an increase of 0.5 percent over FY 2016. Defense procurement contract awards in the county decreased 1.2 percent from $13.9 billion to $13.7 billion, while non-defense contracts increased 2.8 percent from $10.2 billion in FY 2016 to $10.4 billion in FY 2017.

After growing an average of 13.3 percent per year from FY 2007 to FY 2011, and remaining stable in FY 2012, procurement spending is now 8.5 percent below its level in FY 2012.

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