The latest economic indicators report is out and you can see what’s up and what’s down in our local economy. This month’s report shows increases in number of homes sold and sales prices.
These monthly reports also 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 upcoming Fiscal Year 2017 Budget was adopted by the Board last month and is effective on July 1.
▲ In April, 1,448 homes were sold in Fairfax County, an increase of 10.7 percent over the 1,308 homes sold in April 2015.
▲ The average sales price of all homes sold in the county in April was $545,625, an increase of 2.4 percent compared to the April 2015 average sales price of $532,800.
▲ There were 3,881 active listings of homes for sale in the county in April, an increase of 5.8 percent over the 3,669 listings in April 2015.
▲ For the 10 month period of July 2015 to April 2016 (first 10 months of FY 2016), Sales Tax receipts in the county are up 2.6 percent.
▼ March’s unemployment rate in Fairfax County was 3.3 percent, an increase of 0.1 percentage point from February. The number of unemployed residents increased over the month from 19,968 to 20,347.
Twice a year, our Economic Development Authority’s Real Estate Report provides data on construction activity, leasing activity and rates, and vacancy rates for the county’s commercial real estate market and its major submarkets.
We are partnering with Virginia Tech to help develop metrics for the county’s Strategic Plan for Economic Success that are comprehensive, inclusive and meaningful. Please take a few minutes to provide input on these important metrics.