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Alexandria Economy Solid Intro 2nd Quarter 2001
Alexandria, VA) -- Alexandria's economic indicators show that the 2nd Quarter 2001 adjusted slightly but continued to be strong. This continued strength in the Alexandria economy shows that the City is moving at a steady and managed pace setting a strong foundation for the future of the local economy. This report represents conditions thru June 2001.
4th Quarter 2000 employment was at 94,195 a record number. 4th Quarter is also the highest employment reporting quarter.
Average weekday boardings at Alexandria Metro Stations in June 2001 were 15,480 — a record number for the Alexandria stations.
The office vacancy rate in Alexandria for 2nd Quarter 2001 increased to 7.6% but is now below the Northern Virginia rate of 8.8% and only slightly ahead of the D.C. Metro rate of 7.3%. These numbers show that the Alexandria market was better poised to weather the changing economy and although the rate has increased 43% since 2nd Quarter 2001 it is slower than Northern Virginia's 144% increase and the D.C. Metro market increase of 46%.
The average advertised rent for Class A space inches up a bit to a record level of $29.38 per square foot.
Retail Sales are up 1.4% in Alexandria when comparing 2nd Quarter 2001 with 2ndQuarter 2000 and up 5.7% from the previous quarter.
Hotel occupancy for June was at a solid 83.5% with a record ADR of $105.16.
The economic condition of the City had adjusted but still remained solid at the end of the 2ndQuarter. As numbers are collected for the second half of 2001 it will become more apparent as to how the national economy, the terrorism attack on the Pentagon and the closing of Ronald Reagan Washington National Airport will impact the City of Alexandria economy.
This quarterly analysis of the economic strength of the City of Alexandria is part of the Local Economic Indicators Report, released by the Alexandria Economic Development Partnership, Inc. (AEDP). 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 or at http://www.alexecon.org/leirs.html.
The AEDP is a public/private partnership, which plans, directs, manages and implements efforts to attract, expand and retain business operations in the City of Alexandria. AEDP has worked since 1981 as a facilitator to establish Alexandria as a nationally recognized community and business center. AEDP is located at 1729 King Street, Suite 410, Alexandria, VA 22314. 703-739-3820, alexecon@erols.com; website: www.alexecon.org. |
For Immediate Release- 9/28/01 Back to Press Releases
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