Description

3rd Quarter 2006 Report
This latest edition of Virginia Economic
Trends Trends portrays an economy that
is slowing. Even with the slower
growth, the economy in the nation and
the Commonwealth remains healthy.
As always, underlying shifts are taking
place. Higher interest rates and home
prices have finally begun to slow
housing activity. That slowdown is most prominent in Northern Virginia
where home price appreciation has been greatest over the last few years.
Even so, Northern Virginia’s employment growth of 3.2% over the last
year ranks it as one of the fastest growing regions in the state.
Danville, the state’s only metro area with contracting employment over
the year ending June 2006, has nevertheless been the site of a large
number of firm expansions and investments. The positioning of
Danville within its extended labor market—the topic of the feature
article—is a key asset that adds to the city’s attraction.