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permits through May now stands at 8 percent, pointing to “a continuing decline in building activity and related business during the summer months,” Mr. Pearson said.
New car registrations also continued their fall, dropping 8.8 percent in May, compared to the same month last year. While some parts of the state did show gains, consumers are steering away from new car purchases.
“For most dealers, this usually strong month, with its traditional Memorial Day sales, was a big disappointment,” said Mr. Pearson.
A sample of retail stores showed higher dollar sales in May, but only a 3.7 percent increase, which just matches inflation. The sample also shows a clear slowdown from the 5.6 percent rise in April. The drop confirms that April’s good showing was largely due to a late Easter rather than a more lasting surge in consumer spending for general retail goods, he said.
The economic picture for regions within the state is a mixed bag. Mr. Pearson said that Northern Virginia continues to experience a decline in growth, while the picture is brighter in other parts of the state such as Hampton Roads.
92.6%