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yjur Virginia economy nas tended to be much more resistent to economic slowdown than that of the nation as a whole. Accordingly, although economic growth for the na-. tion in 1963 may be well below the rate achieved in 1962, Virginia growth will most probably compare quite favorably with that of 1962. Total employment in non-agricultural activities, which expanded by approximately 4r'< from Octoi ber 1961 to October 1962. may show a rate of growth very close to this in the twelve > month* * (re*$:
The anticipated weakness in the national economy will make its influence felt in some important areas of the Virginia economy. Credit for business and individual borrowers, for example, should remain in easy supply as Federal Reserve seeks to provide a national credit environment conducive to an expanded rate of economic growth. The Cost of credit in Virginia through most of 1963, therefore, should be little different than in 1962 except for home mortgage loans where rates may tend to be slightly lower, as the attractiveness of mortgages to investors expands the volume of funds available to this market.
Despite the anticipated improvement in the Virginia economy, the average businessman will likely find it harder to maintain his profit position than in immediate past years, according to Dr. Lumpkin. The capacity to produce tends generally, in a long period of prosperity. to outrun the abliity of the economy to consume, at existing prices, the goods and services being produced.
This heightens competitive pressures and. with the national economy failing to show a firm advance, the average Virginia businessman will find it necessary to exercise all of his ingenuity and enterprise rf he is to do more than remain even with last year’s profit performance.
65.9%