Virginia falling behind US in economic growth

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RICHMOND, Va. — A brand new state report says Virginia’s economic system continued to develop at a slower fee than the remainder of the nation in fiscal yr 2018.

Virginia’s newest Comprehensive Annual Financial Report says the state continues to fall behind the nation in most areas.

Personal earnings grew 4.1 p.c in Virginia in comparison with 4.5 p.c in the U.S. Housing costs in Virginia rose 5 p.c in comparison with 6.8 p.c nationally. Virginia additionally lagged behind the nationwide common in employment growth and the variety of new constructing permits for privately owned housing.

The report mentioned the economic indicators replicate, in half, Virginia’s reliance on slower rising federal employment.

The monetary report is issued yearly by the state comptroller’s workplace.

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