(Alexandria, VA) – Alexandria’s 2005 third-quarter Local Economic Indicators Report (LEIRS), has recently been published and is now available for viewing on the Alexandria Economic Development Partnership, Inc. (AEDP) website. This detailed summary can be accessed at www.alexecon.org/leirs.html. AEDP compiles these figures from numerous national, state, and local sources to provide a statistical measure of the economic health of the City.

Many of 2005’s third quarter statistics illustrate significant improvements in the Alexandria economy in relation to the third quarter of 2004. In addition, federal interest rates are currently 1.75 points higher this December than in December 2004.

Alexandria employment has increased by 2,348 jobs in the first quarter of 2005 compared to the same quarter in 2004. In addition, office vacancy rates have dropped by 27% comparatively. Residential rental rates have diminished slightly since the second quarter 2005, however the general yearly increase of rental rates is marginal with regard to the significant area-wide escalation of property values.

Retail sales in the third quarter of 2005 showed a 5% increase over the same quarter in 2004, reflecting an additional $30.8 million in sales dollars.

One of the strongest indexes showing improvement was increased Metro ridership. Total Alexandria ridership at its four stations rose 9% over the 2004 figures. The strongest gains were witnessed at the King Street Station, whose third quarter 2005 figures were up 18% from the
same reporting period in 2004.

Total commercial property values in Alexandria increased by 15%, and total residential values were up 18% in relation to the previous year. The average assessed value of single family residential units increased by 15% from $474,681 to $563,092, and condo units were up almost
25%, from $216,571 to $287,765. In addition, the average sales price of a residential property unit in Northern Virginia (including SF/TH/
Condo) was up by $21,334 from the second quarter of 2005.

Airport passenger figures for both Ronald Reagan Washington National and Washington Dulles International also showed considerable increases over the past year. Third quarter figures of 2005 were up 10% for Ronald Reagan Washington National and 26% for Washington Dulles
International from the third quarter of 2004.

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, email: info@alexecon.org; website: www.alexecon.org.

For Immediate Release- 12/13/05

Contact: Mike Stuart
703-739-3820 xt. 12

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