CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – Amidst concerns over inflation and affordability across the country, Charlottesville received some good economic news in regard to retail sales in the third quarter of this year.
The Q3 report on local retail sales has been released by the Charlottesville Regional Chamber of Commerce and across the seven localities monitored by the chamber, sales tax revenue was up across the board.
Louisa County had the biggest jump in sales tax revenue since the mid-year report, growing by 8.54%. Charlottesville and Albemarle also saw growth of just over 3%. The locality that had the smallest gains in retail activity was Fluvanna with only 0.37% of an increase.
The Chamber put the numbers into the context by comparing this retail data to the national Consumer Price Index or CPI, which is at 2.24% in terms of retail spending growth.
“The Q3 Retail Report is a welcome and encouraging signal for our regional economy,” Andrea Copeland, the President and CEO of the Chamber wrote in a statement. “Steady retail performance, easing inflation, and lower gas prices and interest rates give us reason to be cautiously optimistic as we head into the fourth quarter. While we remain mindful of broader economic headwinds, these numbers suggest our local businesses are continuing to adapt and find opportunities for growth, especially during the holiday season.”
In addition to this data, WINA Chief Economic Analyst Ed Burton believes the Charlottesville area is insulated from some of the broader concerns about the U.S. economy.
“Virginia itself is slowing because so many of the federal employees live in northern Virginia and there’s been a lot of layoffs in the last 8 or 9 months in government work. It’s affected northern Virginia for sure and it certainly has had an effect in the Hampton Roads area as well there’s been a number of layoffs,” Burton told WINA Morning News. “Charlottesville is super strong, Charlottesville has a lot of things going in the other direction, AstraZeneca for example, it’s a great example of how good things are in Charlottesville. The University is amassing donations, still building a lot still expanding out, so Charlottesville should see continued prosperity, maybe even better in the coming year.”
