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tacular rate.
Figures tracking September's business activity show building permits plunged 22.9 percent during the month, compared to the same period last year. The drop reaffirms the message that has been given since May, that planned construction is decreasing in Virginia. The dollar value of building permits cumulatively for 19iS9 is now 7.1 percent below the level for January to September in 198b.
The news is not much better for new car sellers, Mr. Pearson said, with new car sales dropping mildl\v from last September, a decline of 2.8 percent when compared with September 1988. However, the slight drop becomes a larger concern because the September 1988 figures: had fallen 12 percent when com-; pared with the same period in 1987,j he added. t
General retailers reported al-' most flat sales for September whencompared with the year before.
The only two indicators which; showed increases for the monthwere water and electricity consumption. ;
"Overall, the indicators continue to warn of decelerating growth in Virginia’s future. However, instead of a recession, we seem to be entering a stable orbit, retaining sufficient speed to capture more real income and jobs,” said Mr. Pearson.
58.1%