Economic Indicators: Unemployment Remains Below 3 Percent

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 unemployment remains under 3 percent 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 board is scheduled to adopt the FY 2019 Budget on May 1.  The FY 2019 Budget is effective July 1, 2018.

 

Read the Report

 

What’s Up

 Jobs: Compared to January 2017, the January 2018 unemployment rate was down 0.3 percentage point. However, compared to December, the January unemployment rate in the county increased slightly by 0.3 percentage point to 2.9 percent. The number of unemployed residents increased over the month from 16,677 to 18,330.

Tax Receipts: Sales Tax receipts distributed to Fairfax County in March for retail purchases made in January were $13.4 million, an increase of 3.7 percent over March 2017. Through the first eight months of FY 2018, Sales Tax receipts are up 3.1 percent over FY 2017.

▲ Home Sales/Days on Market: On average, homes that sold in the county in February were on the market for 62 days. This is six days fewer than the 68 day average in February 2017.

 

What’s Down

Home Sales: In February, 768 homes were sold in Fairfax County, a decrease of 9.2 percent from the 846 homes sold in February 2017.

Home Prices: The average sales price of all homes that sold in February 2018 in our county was $532,616, a decrease of 0.6 percent from the February 2017 average sales price of $535,760. The average February price was down 6.2 percent compared to the annual 2017 average home sales price of $567,829.

Graph of February 2018 home sale prices.

Active Home Listings: The number of active listings of homes for sale in the county decreased 22.9 percent in February from a year ago.

 

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