Economic Indicators

The Office of Budget and Management has compiled Economic Indicators, a report highlighting indicators of economic activity in the city as well as selected indicators for the region, state and nation.  It is intended to provide city staff, officials and citizens with information regarding the local employment situation, retail sales, building permit activity and the housing market.  Comparable indicators at the regional, state and national level that may impact the local economy are also included in the report.  The report will include the current data available.

-          The number of employed Norfolk residents totaled 94,220 in September 2009, decreasing 1.5 percent from August.  This was a yearly decrease of 1,586 employed people (1.7 percent) from September 2008.   Unemployment in Norfolk fell to 8.4 percent (not adjusted), down from 8.5 percent in August.

-          Moderating slightly from August, the decline in employment in Hampton Roads (not seasonally adjusted) was 0.64 percent in September.  Virginia Employment declined 3.05 percent for the month.

-          Nationally, non-farm employment lost an estimated 263,000 jobs in September.  The seasonally adjusted national unemployment rate rose to 9.8 percent (seasonally adjusted), a twenty-six year high.

-          FY 2010 YTD sales tax revenue through August was $4.7 million, a decrease of 9.3 percent from the same period last year.

-          Compared to 2008 YTD, the average sales price of existing homes sold in Norfolk during 2009 YTD fell 10 percent to 198,000.  The average sales price of new homes sold fell 14 percent to $320,800.

-          Nationally, the sale of existing homes rose 9.4 percent while the sale of new homes nationally declined 3.6 percent.  The average, unadjusted price of existing homes sold nationally was $219,800.  The average sale price of new homes was $282,600.

-          As compared to August, foreclosure filings for the nation fell 4.1 percent in September.  Virginia ranked 11th with 5,755 new foreclosure filings.  Norfolk had 198 new foreclosure filings for the month, bringing the rate of foreclosure to 0.21 percent, significantly lower than the national rate.

-          Permits issued for new residential structures totaled 551 units September YTD.

-          The Consumer Confidence Index (CCI) fell to 47.7 in October, the second consecutive decline.  The Consumer Price Index for all urban consumers rose 0.2 percent for the month of September.

-          The advanced estimate for the third quarter of 2009 showed Real Gross Domestic Product (GDP) rose at an annual rate of 3.5 percent, the second increase since the recession began in December 2007 

-          This issue also includes a brief overview of the Federal Reserve’s Beige Book.