Real retail sales are expected to improve 4.1 percent in 2012 and to accelerate slightly to 4.2 percent growth in 2013.
After double-digit percentage declines for four straight years, single-family building permits posted a gain in 2010, but it was merely a 1.8 percent annual average expansion that was followed in 2011 with a 2.5 percent contraction. Single-family building permits are forecast to jump 8.1 percent in 2012 and 10.2 percent further in 2013.
The 2012-2013 Virginia Economic Forecast also provides most-likely scenarios for employment, wages, retail sales and building permits by metropolitan area in Virginia. The entire report may be found by clicking here.
This year's Forecast also examines the impact and benefits of expanding access, bandwidth and speeds of broadband or high speed internet in the Commonwealth of Virginia, noting that while Virginia does better than national norms on measures of availability, it scores poorly in terms of its depth and prices vary significantly across the Commonwealth.
The Economic Forecast notes that "Affordable and high quality broadband internet access will help invigorate Virginia's economy and create jobs in three main ways: (1) investment in broadband infrastructure creates jobs, (2) broadband-enabled innovation expands the reach of small businesses, and (3) high speed internet access improves efficiency and expands educational opportunities."
Thomas Jefferson Institute President Michael W. Thompson noted, "Once again Dr. Chmura and her team have presented a concise and understandable analysis of where our economy stands nationally and here in Virginia. The Forecast's public policy focus this year on broadband access notes very clearly that up-to-date broadband is a key driver of economic development, especially for rural areas. Private sector firms and entrepreneurs need to lead this initiative, while the state government needs to provide a level playing field so competition and innovation can flourish."
Over 13 years, the Annual Economic Forecast has become a "must read" for the Commonwealth's business and political leadership. It is made possible through the support of the SunTrust Foundation.
The mission of the Thomas Jefferson Institute for Public Policy is to provide Virginia's political, business, academic, community and media leadership with thoughtful, realistic, useful and non-partisan analysis of public policy issues confronting our Commonwealth. These alternative policy ideas focus on state and local issues and are based on the Institute's belief in free markets, limited government and individual responsibility.
Chmura Economics & Analytics was founded by Christine Chmura in 1999. The firm specializes in applied economic consulting, quantitative research, and software solutions requiring the integration of advanced economic analysis.
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