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WILLIAMSBURG — Despite the slowdown in consumer demand and construction, Virginia’s employment growth will continue to ensure the state’s economic expansion in the near future, according to the latest Virginia Business Report from the College of William and Mary.
Of the nine economic indicators measured in the monthly report, only two — electricity consumption and nonagricultural employment — are still recording strong growth, said Roy L. Pearson, director of the Bureau of Business Research and editor of the report.
“The job growth in particular reveals the supply-side base of Virginia’s current expansion,” said Mr. Pearson, adding that output is also rising, particularly in service sectors such as medical care, and in manufacturing.
The increase in jobs and output will continue to drive the state’s economy, which is still hampered by lower demand for new construction and consumer goods. New car registrations continued their decline in June with a decrease of 9.2 percent compared to the same month last year. Retail sales, which were down in April and May, rose only one percent in June, revealing no real growth.
Mr. Pearson noted that the de
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