Virginia’s Economy By the Numbers: May 2021
May 4, 2021
The economy appears to be at a critical point in the recovery. At a national level, economic indicators point to positive growth. As the economy has improved, prices are rising and inflation has begun to ramp up. Here in Virginia, job growth remains steady, though there is still a long way to go to regain all of the jobs that were lost last spring. Mortgage rates dropped after rising slightly for several weeks.
Here are some key numbers to watch:
6.4% is the annualized increase in Gross Domestic Product (GDP) in the 1st quarter of 2021. GDP growth was higher in the 1st quarter of 2021 than it was in the 4th quarter of 2020, reflecting strength in the economic recovery.
2.6% is the March 2021 rate of inflation according to the latest Consumer Price Index data. Inflation has been on the rise since November, which is another signal of the improving economy and expanded consumer and business spending.
-182,000 is the difference in the number of jobs in Virginia in March 2021 compared to March 2020. Job growth has been uneven for several months; however, overall trends suggest a steady rebound in the state’s economy.
-76,600 is the difference in the number of Leisure & Hospitality jobs in March 2021 compared to March 2020. The Leisure & Hospitality sector has been hardest hit by the recession; however, most sectors of the economy remain at below pre-pandemic levels. The exceptions are the Professional & Technical Services, Transportation & Warehousing, and Federal Government sectors.
2.98% is the average 30-year fixed-rate mortgage (FRM) rate during the last week of April, according to Freddie Mac. Mortgage rates rose this spring, but the average 30-year fixed-rate mortgage rate has fallen below 3% for the past two weeks.
For more information on the economic recovery in Virginia, check out Virginia REALTORS® Monthly Economic Snapshot. Be sure to visit our Research & Statistics pages for more data and analysis on Virginia’s economy and housing market.
Click here to send any comments or questions about this piece to Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.
*Information as of 05/04/21
You might also like…
Housing Market March Madness: How do Virginia’s College Towns Compare?
By Abel Opoku-Adjei - March 30, 2023
It’s March Madness, one of America’s most entertaining post-season tournaments! This year’s NCAA March Madness has been entirely unpredictable. There were zero perfect bracket predictions across the country… Read More
Virginia Home Prices Climb Despite Slowing Sales
By Robin Spensieri - March 22, 2023
According to the February 2023 Virginia Home Sales Report released by Virginia REALTORS®, there were 6,505 home sales across Virginia in February. This is a 20.3% reduction compared to February… Read More
Collapse of Silicon Valley Bank and Signature Bank: What Happened and How It Impacts Your Business
By Virginia REALTORS® - March 17, 2023
By: Chief Economist Ryan Price & Deputy Chief Economist Sejal Naik Virginia REALTORS® is taking a look at the recent bank failures making headlines across the nation AND… Read More