Thursday, April 2, 2009

Charlottesville Albemarle Economic Data: Unemployment Doubles and UVA Endowment Continues Losing

The DP reports: The Charlottesville Metropolitan Statistical Area had a seasonally unadjusted unemployment rate of 5.6 percent in February, up from 2.8 percent in February 2008, according to a Virginia Employment Commission report released Wednesday.

YoY doubling. (Hmmm...doubling of "bad numbers" sounds familiar around here....)

Read: Area's Jobless Rate Doubles in One Year

UVA Endowment
The University of Virginia’s endowment pool continued bleeding cash in February, with $100 Million vanishing into thin air.

This is now nine consecutive months of for the university’s endowment. The DP: "In the past eight months, UVa’s fiscal year to date, the endowment pool value has declined from $5.1 billion to $3.76 billion, a 26 percent drop."

UVA has a wage and hiring freeze in place and is "controlling costs," but has continued construction. TJ's U uses 5% of its endowment for operating costs.

Hmmm...Is nixing the "housing allowance" and mortgage subsidies for faculty part of the "cost controlling" measures?

Read: UVA's Endowment Pool Loses $100 Million More


craigger said...

How can unemployment for our MSA only be 5.6% when the areas that make up the MSA have higher unemployment numbers? Lies, damn lies, and statistics.

"February unemployment rates were 6.2 percent in Charlottesville, 6.3 percent in Greene, 5.8 percent in Fluvanna, 7 percent in Nelson, 8.1 percent in Buckingham, 8.4 percent in Louisa, 6.7 percent in Madison and 8.3 percent in Orange."

craigger said...

The math must work out somehow. I'm suprised that the population weigth of albemarle would result in an MSA number of 5.6%

"Albemarle County, which had an unemployment rate of 4.9 percent in February, was one of five localities in Virginia below 5 percent. Arlington County had a 4.4 percent unemployment rate, Fairfax County was at 4.7 percent, and Poquoson City and Loudoun County each had 4.8 percent rates."

Tom Jones said...

The good news is that there's a new Wal Mart opening in Louisa!

It's going to help those people who just lost their jobs at Klockner Pentaplast. And provide lots of new salaried employers who will want to buy houses!

Scott Pershing said...

What concerns me most about UVA's endowment is that UVIMCO still has $1.558 BILLION in uncalled commitments. You can see that here on page 2 of the following document:

Given that the lion share of those commitments are in Private Equity and Real Estate if I were UVA that would make me really nervous.

Also why is there such a delay with UVIMCO publishing tax records for 2007? If you look at the 2006 tax report you can see that these executives are getting OVERLY COMPENSATED to lose this kind of money:

Look at page 21, you will see Footnote B for the salaries and benefits.

Here are a few of the executive salary and benefits back in 2006:

Christopher Brightman $1.37M Salary with $55.6K Benefits

Kristina Alimard $248K Salary with $39.5K Benefits

Does anybody think that these people really need to be paid this much money to lose this much money???

And before somebody tells me that it would have been worse without them, I have a bridge I would like to sell them!