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Va. tourism had record 2019, but 2020 won’t follow suit
The 2020 coronavirus pandemic and economic crisis is spelling an end to Virginia’s decade-long streak of record-breaking tourism revenues. Although Virginia’s tourism industry had another record year in 2019, posting $27 billion in spending, the commonwealth’s tourism revenue for 2020 is expected to decrease by $10 billion, a 37% drop compared to last year, according […]
Sept. Va. General Fund revenue increases 7.6%
Virginia’s General Fund revenue for September increased 7.6% compared to September 2019, Gov. Ralph Northam announced Wednesday. The increase was driven by growth in payroll withholding and corporate and recordation tax collections, according to the governor’s statement. “Virginia’s General Fund revenues are increasing, and we have been able to avoid the major revenue shocks that [[...]
Va. hotel revenues continue to suffer
Virginia hotels continue to see significant revenue declines compared to pre-pandemic times, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Oct. 4 through Oct. 10, hotel revenues in Virginia were down 46% and rooms sold were down 29% compared […]
VCU study: Labor market continues slow recovery
The labor market continued to recover during the week ending Oct. 3, but at a slower pace than the start of the recovery, according to a report released Tuesday from economists at Virginia Commonwealth University and Arizona State University. “The latest results show that, since April, employment has recovered two-thirds of the way back to […]
Va. weekly initial jobless claims increase by 15%
The number of weekly initial jobless claims in Virginia increased by 15% last week, but the number of weekly continuing unemployment claims dropped by 7.5%, the Virginia Employment Commission reported Thursday. For the week ending Oct. 3, 10,843 Virginians filed initial claims for unemployment, up from 9,377 the previous week. Last week, 160,764 Virginians filed […]
Va. hotels continue slow recovery
Virginia hotel revenues remained below pre-pandemic levels last week, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Sept. 27 through Oct. 3, hotel revenues in Virginia decreased by 43% and rooms sold declined by 27%, compared to the same […]
Hampton Roads State of the Region report offers sobering look at COVID-19 impacts
Old Dominion University’s Dragas Center for Economic Analysis & Policy’s 2020 State of the Region report for Hampton Roads offers a sobering look at how the pandemic has harmed the regional economy and left tens of thousands of Hampton Roads residents jobless. Employment in Hampton Roads fell dramatically, hotel occupancy continues to be outpaced by […]
Va. jobless claims drop slightly last week
Virginia saw a small decrease in the number of initial jobless claims last week, the Virginia Employment Commission reported Thursday, but the number of initial claims filed from mid-March through the Sept. 26 filing week totaled 1.167 million, or 28.4% of pre-pandemic payroll employment. For the week ending Sept. 26, 9,377 Virginians filed initial claims […]
Va. hotel revenues continue to slip
Virginia hotel revenues continued to worsen last week after a small improvement during the Labor Day weekend, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Sept. 13 through Sept. 19, hotel revenues in Virginia decreased by 52% and rooms […]
Va. recovers 68K jobs in August
In August, Virginia employers recovered a total of 68,000 jobs (a 1.8% increase from July), but the commonwealth is still 212,600 jobs shy of where it was last year, according to employment statistics released Friday by the U.S. Department of Labor Statistics. “Despite the sizable increase in August, total employment remains way below the pre-pandemic […]
Va. hotel revenues drop again
Following a small improvement associated with the Labor Day holiday weekend, Virginia hotels saw a steep decline in revenues last week, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Sept. 6 through Sept. 13, hotel revenues decreased by 48% […]
Va. initial jobless claims slightly drop last week
Virginia saw a slight decrease in the number of initial jobless claims last week, the Virginia Employment Commission reported Thursday, but the number of ongoing claims has dropped to 50% from the May 16 filing week peak, when 403,557 Virginians filed for unemployment. For the week ending Sept. 12, 10,100 Virginians filed initial claims for […]
