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AEDP Releases 1st Quarter Local Economic Indicators Report
(Alexandria, VA) – Alexandria’s first quarter 2004 Local Economic Indicators Report (LEIRs), a statistical measure of the economic health of the City, shows improvement in most indicators over the last quarter and the previous year. A detailed report is available online at www.alexecon.org/leirs.html. • Alexandria unemployment rates increased slightly in the first quarter, but at 2.30%, remains near historically low levels. State and national unemployment numbers generally increased in the first quarter as well. Unemployment compensation in Alexandria declined in the first quarter, while the number of initial claims filed increased slightly. • The number of new business licenses granted jumped 15% from the previous year. • Alexandria office vacancies are down to 9.47%, the lowest since fourth quarter 2001. • Industrial vacancy rates, at 3.10%, are the lowest since the statistics have been recorded. • With an average of 16,589 weekday boardings, Metro ridership is as high as it has ever been in Alexandria. Ridership on the King Street station in particular increased almost 18%, which coincides with the on-going occupancy of the United States Patent & Trademark Office. In addition, ridership on the Virginia Railway Express increased by 25% in the first quarter. • Reflective of an improving service and tourism economy, retail sales, meals tax, and hotel occupancy are all up from the previous year. • Apartment vacancy rates rose to 3.4%, indicating the years’ growth rates in the demand for rental and ownership housing, which have driven up rental rates and home purchase prices, is beginning to taper off. AEDP has compiled economic statistics on behalf of the City since the partnership’s inception in 1981. This report is prepared as a service to the business community to provide information on the health of the City’s economy for new, relocating and expanding businesses. Additional copies of the complete report may be obtained from the AEDP offices at (703) 739-3820 or at http://www.alexecon.org/leirs.html. |
For Immediate Release- 6/22/04 Back to Press Releases
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