Sunday, September 21, 2008

Local Economy: Consumers Cutting Back

The DP reports that the nation-wide recession has finally hit Charlottesville:

*Only 760 house sold in Charlottesville and Albemarle during the first six months of 2008 — the lowest number in at least seven years, according to a mid-year report by the Charlottesville Area Association of Realtors.

*Motor vehicle and parts sales during the first half of 2008 fell by 4.2 percent when compared with the first half of 2007, according to the Virginia Department of Taxation.

*In part because sales-tax collections have fallen short of projections, Charlottesville is anticipating a $1.78 million budget deficit and Albemarle expects a $4.1 million shortfall.

*At the same time, the state government is projecting a shortfall of at least $1 billion, brought about by lower-than-expected revenues. UVa & PVCC have both been instructed to cut their budgets.

Read Brian McNeill's article here.

3 comments:

Anonymous said...

What?!? Isn't Charlottesville a protected market?!?

I'm shocked! Shocked, I tell you, that a bad economy would have any resonance here!

Anonymous said...

I too share anonymous's ire!

Now after a day of hitting the parade of homes in our fair city, I'm off the the North Wing of Barracks Road to spend wads of cash at locally-owned boutiques, then later choosing between a Saab or Volvo which I'll purchase tomorrow.

Mark said...

I hope the places you toured were LEED-certified green homes!
To be a true Charlottesvilleian, you gotta buy a Subaru or a Prius. Did you know they're rolling off the assembly lines with "Obama '08" stickers?