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WILLIAMSBURG — The downward spiral of building permits and new car registrations in Virginia accelerated during June, according to the Virginia Business Report published by the Bureau of Business Research at William and Mary.
Overall, consumers are acting increasingly wary about major purchases, while businesses are adopting defensive strategies and cutting discretionary spending like newspaper advertising, said Roy L. Pearson, director of the bureau.
The dollar value of building permits across the Commonwealth plunged 38.9 percent compared to June, 1989. The slide pulled the total change for the first half of 1990 to 16 percent below the level for the same period in 1989, with 11 of 16 urban areas reporting declines.
New car registrations dove 16.8 percent in June, with decreases in all the urban areas tracked by the report except Winchester.
For the first half of 1990, Virginia’s new car sales were 10.6 percent below the same period last year,
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93.9%