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The Office of Budget & Management
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Economic Indicators |
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The Office of Budget and
Management has compiled
Economic Indicators, a report
highlighting indicators of economic activity in the city as well
as selected indicators for the region, state and nation.
It is intended to provide city staff, officials and citizens
with information regarding the local employment situation,
retail sales, building permit activity and the housing market.
Comparable indicators at the regional, state and national level
that may impact the local economy are also included in the
report. The report will include the current data available. |
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In This Issue…
(265B) |
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Employment
(67KB) |
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The number of employed Norfolk residents totaled 93,788
in March 2008. This value was an increase of 1,244
people or 1.3 percent from the previous month and a
yearly decrease of 935 employed people or 1.0 percent
from March 2007.
U employment
in Norfolk was unchanged in March, holding at 5.2
percent and was up 1.1 percentage point over March 2007
(not seasonally adjusted).
Employment in Hampton Roads (not seasonally adjusted)
was 774,700, growing 0.92 percent or 7,100 jobs over
March 2007. Virginia’s non-farm employment reached
3,748,500 in March.
Nationally,
non-farm employment fell slightly in April to 137.8
million. The national unemployment rate (seasonally
adjusted) changed little in April, holding at 5.0
percent.
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Sales Tax Revenue
(95KB) |
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March
2008 sales tax revenue for Norfolk totaled $2.6 million, a
decrease of 5.5 percent from March 2007. Fiscal
year-to-date sales tax revenue ($23.8 million) has decreased
by 2.5 percent.
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Norfolk Building Permits
(102KB) |
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Permits issued for new single family dwellings totaled
78 April 2008 year-to-date, down from 111 permits issued
during the same period in 2007. Multi-family permits
issued were unchanged in April for a year-to-date total
of 195, up from 20 year-to-date permits April 2007.
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Norfolk Housing Market
(234KB) |
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The
average sales price of existing homes sold in
Norfolk in March 2008 fell to $209,500, a 7.6 percent
decline from the same month last year. The average
sales price of new homes sold rose by 3.2 percent
to $353,000 from $342,100.
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Nationally, the sale of new homes in March
decreased by 5.3 percent to a rate of 526,000. The sale
of existing homes fell 2.0 percent to a rate of 4.93
million (seasonally adjusted annual rate). The average
prices of new and existing homes sold were
$292,200 and $247,700 respectively (not seasonally
adjusted).
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Other Indicators
(123KB) |
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Consumer Confidence Index (CCI) fell to 62.3 in April,
its lowest level in fifteen years. The Consumer Price
Index for all urban consumers (CPI-U) rose at a
seasonally adjusted annual rate (SAAR) of 0.3 percent in
March.
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Real Gross Domestic Product (GDP) increased at an annual
rate of 0.6 percent for the first quarter of 2008
following the same growth in the fourth quarter of 2008
and a third quarter final estimate of 4.9 percent. The
first and second quarters had increases of 0.6 percent
and 3.8 percent, respectively.
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