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ban areas surveyed for the report posted a 56.8 percent rise during the month, led by a “spectacular” increase in Richmond, said Mr. Pearson. In all, 11 of the 17 areas had a rise in the dollar amounts of building permits.
“Such huge monthly jumps in permits are rare, though, and will be rarer still in the coming months as Virginia’s general economic growth follows a more moderate course,” said Mr. Pearson.
While home sales rose, car registrations went down 12 percent, the fourth consecutive monthly slide. New car sales for the first three quarters of 1988 are even with 1987 and down from 1986.
Overall, the first three quarters of 1988 show good growth, although the rate of growth is “gently decelerating,” said Mr. Pearson. Building permits during the nine months exceeded 1987 levels by 13 percent, sustaining Virginia’s construction boom and pushing construction jobs to all-time record highs.
Payroll job growth has been a strong 4.2 percent through August, about one-half percentage point below last year’s gain.
With that in mind, Mr. Pearson said the state “will finish 1988 in good economic health."
93.6%