Economic Picture: Fairfax County Reports on Local Ups, Downs

FAIRFAX COUNTY, VA -- The latest economic indicators report is out and you can see what’s up and what’s down in Fairfax County's local economy. This month, there are a few bright spots in the report, the county said.

These monthly reports also serve as one of the tools used by the county budget staff and the Board of Supervisors to make decisions on the county’s budget. On Tuesday, Feb. 16, the county executive presented his proposed budget for the upcoming Fiscal Year 2017 (effective July 1, 2016).

What’s Up

▲ Employment is up. The December unemployment rate in Fairfax County was 3 percent.

▲ Sales tax receipts in the county are up 3.5 percent for the first seven months of the fiscal year – July to December.

▲ In January, 743 homes were sold in Fairfax County, an increase of 5.4 percent over the 705 homes sold in January 2015.

What’s Down

▼ The average sales price of all homes that sold in January in the county was $504,805, a decrease of 4.2 percent from the January 2015 average sales price of $526,786.

▼ On average, homes that sold in the county in January were on the market for 75 days. This is 2 days longer than the 73 day average in January 2015.

Read the county's full Economic Indicator report here.