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Barkin: Still a waiting game for interest rates’ effect on inflation
The U.S. economy has yet to feel the effects of current interest rates, but it eventually will, Federal Reserve Bank of Richmond President and CEO Tom Barkin predicted Thursday during an event held by the Risk Management Association’s Richmond chapter in the city’s East End. “I’m optimistic that we’ve gotten rates at a restrictive level […]
Va. housing market dampens in March
The pace of sales in Virginia’s housing market slowed in March, declining 7.3% over March 2023, according to data released by Virginia Realtors Tuesday. In March, there were 8,075 home sales in the commonwealth, 634 fewer sales than this time last year. At the end of the month, there were 14,950 homes on the market, […]
Fed’s Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released April 17. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions […]
NoVa, Hampton Roads home sales fall in March
Home sales in Northern Virginia and Hampton Roads dropped year-over-year in March, a reversal from sales growth seen in February. Median sales prices, though, continued to rise. Northern Virginia Northern Virginia home sales in March dropped 13.8% from March 2023, a reversal from the year-over-year sales growth seen in February, according to data the Northern […]
Slow and steady
The Lynchburg region has seen the slowest job growth of any metro area in Virginia over the past three years, according to economic analyses, and it typically has a higher unemployment rate than the state average. But there’s more to the story, some officials say. For instance, the Lynchburg region saw 23 inquiries from economic […]
Fed’s Fifth District economy stays the course
Economic activity in the Federal Reserve’s Fifth District was little changed in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released March 6. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the nation’s 12 Federal Reserve Banks. It is compiled from […]
How’s your confidence?
Business always has its up and downs. We’ve all been through more than a few. As au courant as the dot-com economy might seem, that bubble floated skyward decades ago, bursting in 2002. It wasn’t just a small dip. Between 1995 and its peak in March 2000, the tech stock-heavy Nasdaq index rose by 800%, […]
Financial Services: Signs of health
What’s that we hear? Is the economy growing healthier? It’s getting stronger for sure, Federal Reserve Bank of Richmond President and CEO Tom Barkin said in January during the 2024 Financial Forecast event co-hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Inflation was 3.4% in December 2023, inching closer […]
House of cards
Working as a mortgage lender in Roanoke for the past 18 years, Jason Bialek experienced everything from the financial crash of 2008 to the historic spike in home sales during the COVID-19 pandemic. Following that bonanza in 2020, though, Bialek and others in the residential real estate industry will probably look back at this period […]
Fed’s Fifth District economy sees mild expansion
Economic activity in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) expanded mildly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathere[...]
Economy healthy but more work is needed, Barkin says
The U.S. economy is showing signs of health, but bringing down inflation remains necessary, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday during the 2024 Financial Forecast event co-hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Economic conditions have improved but haven’t quite settled back to […]
Va.’s maritime industry has $8B economic impact, report says
Virginia’s non-military maritime industry was responsible for one in five jobs in Virginia and more than $8 billion in state and local taxes during fiscal 2022, according to a recent study conducted by William & Mary. The Virginia Maritime Association and the Virginia Port Authority commissioned the study to demonstrate the industry’s economic impact. The […]
