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 has a mixed bag of news for our local economy.
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 becomes effective on July 1, 2016.
▲ Sales tax receipts are up 2.8 percent for the first nine months of the fiscal year, which began July 2015.
▲ The number of active listings of homes for sale in the county increased 15.4 percent in March from a year ago.
▼ In March, the average sales price of all homes sold in Fairfax County increased just 0.1 percent compared to the average sales price in March 2015.
▼ The number of homes sold in Fairfax County in March decreased 0.7 percent from a year earlier.
▼ On average, homes that sold in Fairfax County in March were on the market for 69 days – five days longer than the 64-day average in March 2015.
- In March, the Northern Virginia region experienced job growth at an annual rate of 3.1 percent.
- As of March 2016, total (non-farm) employment in Northern Virginia was 1,417,400, a gain of 42,400 jobs since March 2015, the largest year-over-year gain since early 2011.
Specific employment information for Fairfax County is reported on a delayed basis and is currently available only through the third quarter of 2015.