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There was a “distinct lull” in business activity in the Commonwealth during January, according to the latest figures released by the Virginia Business Report, which is published by the Bureau of Business Research at the College of William and Mary.
“Much of the lull was due to the snows and year-end tax maneuvering, but some of it also reflects the continuing deceleration of the state’s economic growth,” said Roy L. Pearson, director of the bureau and editor of its monthly business report.
Three important economic indicators showed declines relative to January 1986 during the first month of 1987.
Building permits were down 33.8 percent overall in 10 of the state’s 16 urban areas. The comparison of permits with the same month’s statistics for previous years eliminates the spurious fluctuation of figures which can plague the tracking of seasonal industries. The bureau noted, however, that the heavy snows which blanketed the state during the last part of the month undoubtedly affected permit applications during that period.
New car registrations, after soaring more than 35 percent in December, plummeted 16.8 percent in January compared to last year. The rise in December, due largely to consumers making purchases to beat the Jan. 1 tax reform measures, were responsible in part for the size of the decrease in January. That December blip may continue to affect new car sides as figures for February become available, experts have forecast.
Retail sales also experienced a decline, albeit a modest 0.9 percent compared to last year, in 10 of the 15 areas reporting.
Taxable sales data for November and December 1986 showed a statewide gain of more than 10 percent, and more than half of the 17 urban reporting areas showed gains of nine percent or more. Harrisonburg led the field with an 18.8 percent gain over November 1985, with Lynchburg second (16.7 percent) and Northern Virginia third with a 13.5 percent gain.
December taxable sales figures produced “surprising and partially
91.1%