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“There are several major reasons to expect slower, below-national growth in Virginia’s broadest economic indicators-income and jobs-in 1995,” Pearson said. He hastens to point out that he predicts slower Virginia real growth for 1995, not a recession.
“The st^te will be moving ahead during 1995 to record levels of total real personal income, real estate sales, and payroll jobs-those new records just will be as high as we would like,” said Pearson.
On the bright side, the coming year will be a good one for retailers, with sales growth actually higher than in 1993. He expects retailers will have an expecially better second quarter in 1994 than in the previous year.
“We expect only a moderate third quarter increase compared to the exceptional 1993 results,” he said. But he also forecasts very good retail growth in the fourth quarter of 1994, matching this year’s gains.
Steady income growth in the neighborhood of 6 percent of each quarter of 1994, accompanied by payroll job growth about 1 percent,
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94.3%