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economy

Sep 10, 2020

Don’t expect hotel revenue improvement to continue, industry says

UPDATED SEPT. 11, 2 P.M. Virginia hotel revenues saw some improvement last week, according to data released Thursday, but hotel industry representatives say it’s nowhere near enough to offset the “economically devastating” losses that the lodging sector has suffered this year due to the pandemic. For the week of Aug. 30 through Sept. 5, hotel […]

Continued claims map courtesy Virginia Employment Commission. Green areas have 500 or fewer claims, yellow areas have between 500 and 8,000 claims and red areas have between 8,001 and 26,502 claims.
Sep 10, 2020

Va. saw slight increase in jobless claims last week

Virginia saw a slight increase in the number of initial jobless claims last week, the Virginia Employment Commission reported Thursday — bringing the total number of initial claims filed since mid-March to 1.136 million, or nearly 28% of the commonwealth’s pre-pandemic payroll employment. For the week ending Sept. 5, 11,135 Virginians filed initial claims for […]

Sep 3, 2020

Loudoun County allocates additional $4.3M to small business grants

The Loudoun County Board of Supervisors has approved an additional $4.3 million in federal CARES Act funding to go to its COVID-19 Business Interruption Fund, which supports eligible small businesses impacted by the coronavirus with $5,000 grants. During the first three rounds of funding, Loudoun County disbursed $7.1 million to more than 1,000 businesses.  “Even […]

Continued claims map courtesy Virginia Employment Commission. Green areas have 1,000 or fewer claims, yellow areas have between 1,001 and 8,000 claims and red areas have between 8,001 and 28,773 claims.
Sep 3, 2020

Va. jobless claims during pandemic exceed Great Recession

While Virginia saw a slight decrease in the number of initial jobless claims last week, the Virginia Employment Commission reported Thursday that the total number of initial claims filed since the beginning of the pandemic is greater than the combined totals filed during the 2007-09 Great Recession and the economic recession in 2001. For the […]

Sep 2, 2020

Va. hotel revenues continued to improve last week

Virginia hotel revenues continued to improve last week, according to data released Wednesday by STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Aug. 23 through Aug. 29, hotel revenues decreased by 38% and rooms sold declined by 27% compared to the same week […]

Sep 2, 2020

Fed says Fifth District economy continues to improve, but activity remains low

The economy of the Fifth District of the Federal Reserve (which includes Virginia, North Carolina, South Carolina, West Virginia and Maryland) has continued to improve in recent weeks, but activity has remained below pre-pandemic levels in most industries, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published […]

Sep 2, 2020

Va. reports 8% unemployment rate for July

Despite the ongoing pandemic, Virginia’s unemployment rate was 2.5% lower than the national average for the month of July, according to statistics released by the Virginia Employment Commission on Wednesday. For the month of July, the U.S. reported a 10.5% unemployment rate while Virginia reported an 8% unemployment rate, a 0.2% improvement from the month […]

Aug 27, 2020

Va. saw slight decrease in initial jobless claims last week

More than 11,000 Virginians filed initial jobless claims last week — a decrease of nearly 4,000 claims from the previous week, according to the Virginia Employment Commission. The number of initial claims filed during the Aug. 22 filing week fell to near the average weekly volume in 2009, according to the VEC. However, 249,745 people […]

Aug 20, 2020

Va. saw slight uptick in initial jobless claims last week

More than 15,000 Virginians filed initial jobless claims last week — an increase of more than 1,800 claims from the previous week, according to the Virginia Employment Commission. “The increase in initial claims for unemployment benefits in Virginia reverses the trend of declining claims over the last two weeks,” Dominique Johnson, research associate with Old […]

Aug 19, 2020

Va. hotel revenue inching upward

Hotel revenues in Virginia continued to incrementally improve last week, according to new data from STR Inc., a division of CoStar Group providing market data on the U.S. hospitality industry. During the week of Aug. 9 through Aug. 15, hotel revenues in Virginia decreased by 44% and rooms sold declined by 32%, compared to the […]

Aug 18, 2020

U.S. hotel industry faces foreclosure wave

The U.S. hotel industry is facing an historic wave of foreclosures due to the pandemic, according to findings released Tuesday from the American Hotel & Lodging Association (AHLA), but Virginia might be an exception — for now. “We are not seeing much in the way of foreclosures or defaults as of yet,” says Virginia Restaurant, […]

Aug 14, 2020

Construction backlog declines in July

The Associated Builders and Contractors (ABC) national trade association announced Tuesday its Construction Backlog Indicator (CBI) declined to 7.8 months in July, a decrease of 0.3 months from June — which, in turn, has decreased contractor optimism. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in […]

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