3 Signs of a Strong Economy
Good signs ahead.
Employment is up 2,000 jobs from July 2017 to July 2018 in the Roanoke metro area – a strong growth rate of 1.3 percent. This July rate is the highest since July 2006. This statistic is the latest in a string of indicators creating high levels of Roanoke region consumer confidence.
In sure signs of a strong economy, automotive sales and real estate sales are beating state averages. Data from the Virginia Automobile Dealers Association shows new automobile sales to Roanoke Region residents was up 12.2 percent from July 2017 to July 2018 while sales statewide were slightly down.
Sales of New Automobiles by Franchised Dealers Â
|
|
July 2018 |
July 2017 |
Percent Change |
|
Roanoke Region |
1,059 |
944 |
12.2% |
|
Virginia |
30,786 |
30,807 |
-0.1% |
Source: Virginia Automobile Dealers Association, 2018
Meanwhile, Roanoke area home sales are at the highest level in more than 12 years and performance in the second quarter outpaced state performance, despite an inventory that is growing ever tighter and rising interest rates.
Roanoke Region Home Sales
|
|
2Q 2018 |
2Q 2017 |
Percent Change |
|
Roanoke Region |
1,607 |
1,540 |
4.4% |
|
Virginia |
36,852 |
37,502 |
-1.7% |
Source: RVAR, Virginia Realtors
All good news for the Roanoke region.