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While the national economy is taking the low road, Virginia continues on the high road, with growth in several economic indicators, according to the latest Virginia Business Report, published by the Bureau of Business Research at the College of William and Mary.
Building permits achieved a 21.1 percent increase in July, following large gains in May and June, according to Roy L. Pearson, director of the bureau and editor of the monthly report.
“While other states may be suffering from overconstruction, Virginia’s data indicate that our builders are hard-pressed to keep up with the demand,” he says. “Our planned construction includes a substantial amount of nonresidential building, which has declined nationally.”
While the state has experienced a boost in retail sales, Pearson notes that the gains have come from several sources. “Virginia households are spending more on nondurable goods and services, but are also buying durable goods for new houses,” he says.
Tourists are spending more per person than last year, but the number of tourists is not up strongly or uniformly around the state. “Much of the state’s retail sales growth has come from businesses buying building supplies and office and commercial equipment,” he notes. Retail sales growth, Pearson adds, is not limited to areas with high job growth or major tourist attractions.
In consumer purchases, the number of new car registrations was the
97.7%