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only indicator for which nearly all cities experiences significant growth. Every urban area except Lynchburg recorded double-digit growth in new car purchases for July. With an 8.2 percent year-overyear increase, Pearson says Virginians “did go on a car-buying spree in July.”
Although there has been no negative impact so far, nonagricultural employment growth in Virginia has continued at a slower pace during 1986 than in 1985, says Pearson.
“Nonagricultural employment growth has been declining each month since January, and that will dampen consumer demand growth if the pattern continues,” he says.
Bank debits, a general indicator of total spending by households, businesses and governments, were up 33.1 percent, “a full one-third over the July 1985 level, and one more sign that Virginia’s high growth comes from many sources,” says Pearson.
Given past economic patterns and overall national performance, Pearson predicts that Virginians may expect a slow-down in the state’s growth before the end of the year. Recent growth, however, suggests the deceleration is likely to be mild, “not an abrupt drop across the board in the growth rates for our indicators.”
Other indicators showing increases over July 1985 were: electricity consumption, up 19.6 percent; newspaper advertising linage, up 11.4 percent and water consumption-, up 16 percent.
95.7%