Latest Economic Indicators Report: Home Sales, Unemployment, Tax Receipts

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FAIRFAX COUNTY, VA -- The latest economic indicators report is out and you can see what’s up and what’s down in the local economy, courtesy of Fairfax County.

The monthly reports, the County points out, also serve as one of the tools used by the government budget staff and the Board of Supervisors to make decisions on the county’s budget. On Tuesday, April 19, the Board of Supervisors will make its revisions (called mark up) to the county executive’s proposed FY 2017 budget. The Board will vote on formal adoption of the FY 2017 budget on April 26.

See these economic indicators, released Monday by Fairfax County:

What's Up

▲ Sales Tax receipts are up 2.5 percent for the first eight months of the fiscal year, which began July 2015.

▲ In February, 834 homes were sold in Fairfax County, an increase of 9.2 percent over the 764 homes sold in February 2015.

▲ The average sales price of all county homes that sold in February was $520,770, an increase of 1.1 percent over the February 2015 average sales price of $514,898.

What’s Down

▼ Employment was down slightly in January. That month’s unemployment rate was 3.4 percent, an increase of 0.4 percent from December. The number of unemployed county residents increased that month from 18,954 to 20,974.

▼ Homes for sale stayed on the market longer. On average, homes that sold in February were on the market for 82 days. This is five days longer than the 77 day average in February 2015.

Read the entire economic indicators report here.