Economic Indicators

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.

• The number of employed Norfolk residents totaled 95,433 in November 2007. This value was an increase of 238 people or 0.25 percent from the previous month and a yearly increase of 1,660 employed people or 1.8 percent over November 2006.
• Unemployment in Norfolk rose by 0.3 percentage point to 4.1 percent from October to November, also rising 0.2 percentage point over November 2006 (not seasonally adjusted).
• Employment in Hampton Roads (not seasonally adjusted) was 787,600, growing 2 percent or 15,700 jobs over November 2006. Virginia’s non-farm employment reached 3,828,200 in November, the highest level ever recorded for the State.
• Nationally, non-farm employment increased by 18,000 jobs in December to 138.5 million. The national unemployment rate (seasonally adjusted) rose to 5.0 percent, a two year high.

• November 2007 sales tax revenue for Norfolk totaled $2.6 million, a decrease of 1.9 percent from November 2006. Fiscal year-to-date sales tax revenue has increased by 0.3 percent.

• During 2007, permits issued for new single family structures authorized decreased by 7.4 percent (24 permits) to 301 permits, while units authorized for new multi-family structures fell by 86.7 percent (254 units) to 39 units, respectively, over the same period last year.

• The average sales price of existing homes sold in Norfolk from January through December rose to $233,300, a 4 percent increase over the same period last year. The average sales price of new homes sold declined by 8.9 percent to $347,000 from last year’s price of $381,000.
• Nationally, the sale of new homes in December decreased by 4.7 percent to a rate of 604,000, while the sale of existing homes fell 2.2 percent to a rate of 4.9 million (seasonally adjusted annual rate). The average prices of new and existing homes sold were $267,300 and $254,900 respectively (not seasonally adjusted).

• Consumer Confidence Index (CCI) increased slightly to 88.6 in December. The Consumer Price Index for all urban consumers (CPI-U) rose at a seasonally adjusted annual rate (SAAR) of 0.3 percent in December. For the year, CPI-U advanced 4.1 percent SAAR.
• Real Gross Domestic Product (GDP) is forecasted to increase at an annual rate of 1.3 percent for the fourth quarter of 2007 following the third quarter final estimate of 4.9 percent. The first and second quarters had increases of 0.6 percent and 3.8 percent, respectively.