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Growth slows in
third quarter
Virginia’s economic growth is continuing to slow down, and current trends indicate that the deceleration will spill into the last quarter of 1986 and possibly into 1987. However, slower growth rates do not indicate a recession, according to the latest Virginia Business Report, published by the Bureau of Business Research at the College of William and Mary.
All the state’s economic indicators showed lower growth rates this September than last, with the exception of bank debits, which rose 27 percent, said Roy L. Pearson, director of the bureau which edits the report.
He said new car registrations in September rose nearly 20 percent in response to exceptional dealer financing terms. ‘"ITie deals did raise new car sales to an extraordinary level,” Mr. Pearson noted. “However, last September the response to special promotions was over 30 percent, not only a higher growth rate but a larger increase in the number of cars sold.”
Building permits in Virginia fell 7.6 percent in September, following a 4.8 percent decline in August. “The exceptional building boom experienced since 1982 in Virginia appears to have passed its peak,” commented Mr. Pearson, adding that the industry will experience “further decreases statewide and in more cities in the months ahead.”
94.0%