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July jobless rate hits 4.2% in Va., a small decrease

In July, the state’s unemployment rate saw a small decline to 4.2%, 0.1 points below June’s rate, Gov. Ralph Northam announced Friday.

In July 2020, the jobless rate was at 7.9%, 3.7 points higher than last month. Virginia continued to see an expansion of the labor force, with 7,818 people starting jobs last month, totaling 4.24 million statewide, and the number of unemployed Virginians decreased by 7,595 since June. The state also recorded over-the-year job gains of 3.8%. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was 5.4% last month.

“Our administration is focused on creating an economic climate that will help Virginia’s workers and businesses thrive,” Northam said in a statement. “The impressive gains in payroll employment and the downward trend of unemployment rates continue to show the strength and resiliency of our economy and our workforce as we recover from the pandemic. Virginians have shown great resolve over the last year and a half, and it is evident in the numbers we are seeing in this report.”

The number of employed Virginians increased by 15,413 to 4.06 million in July, the Virginia Employment Commission reported Friday. The private sector saw an increase of 11,100 jobs last month to 3.2 million jobs total, while public sector jobs declined by 8,800 to 695,500, according to the VEC, after a 10,500 gain in June. The largest job gain during July occurred in the leisure and hospitality sector, which gained 9,600 jobs to 342,200 total, and the second largest increase was in professional and business services, with a 5,600 increase to 777,100 jobs.

The VEC reported that nine out of Virginia’s 10 metropolitan areas saw nonfarm job gains during July, with the Richmond region gaining 3,100 jobs and Charlottesville ranking second with 1,800 more jobs. The Virginia Beach-Norfolk-Newport News area marked a 1,000-job decrease during the month.

However, initial unemployment claims, after several weeks of declining numbers, have increased significantly in the past two weeks. For the filing week ending Aug. 14, the state recorded 16,593 new jobless claims, up 62% from the previous week. Continued claims totaled 35,081, up 3,342 claims from the previous week.

Va. is ready to deploy COVID vaccine booster doses

As COVID cases are on the rise again, driven by the delta variant of the coronavirus, the Virginia Department of Health has begun administering third COVID-19 vaccine doses to immunocompromised people and is ready to expand third-dose booster vaccinations to more Virginia residents on Sept. 20, the target date set by the federal government, state vaccination coordinator Dr. Danny Avula said Thursday.

The Biden administration announced Wednesday that it will aim to offer third doses to people who received Pfizer and Moderna vaccines by Sept. 20. The plan is not yet clear for people who received Johnson & Johnson one-dose vaccines.

The Centers for Disease Control and Prevention encourages people to get the same brand vaccine as their earlier doses when seeking third doses — but it is still up in the air for people who received the Johnson & Johnson shot, said Avula. They may get a second J&J shot, or possibly the Pfizer or Moderna vaccine, depending on clinical studies.

Avula said that the federal plan for third doses still needs to surmount a couple more hurdles, including Food and Drug Administration and CDC approval, before taking effect a month from now. Virginia will follow the federally approved approach, he said, offering third shots to residents eight months after they received their second COVID vaccine doses.

The reasons behind the federal push for third-dose booster shots came from the results of three large COVID studies, which indicate that the efficacy of COVID vaccinations begins to decrease over time, although the vaccines’ effectiveness against more serious illness, causing hospitalization and death, remains high. However, the highly contagious delta variant is testing the shots’ effectiveness, Avula said.

The initial groups of people to receive the third shot will be primarily health care workers, many of whom received their first shots in December 2020 and early January. Next will be Virginians age 65 and older who were eligible early this year, followed by others who became eligible in the spring. Avula said the largest group of Virginians will be eligible to receive  third shots in December.

Previously vaccinated people who aren’t able to receive the third dose immediately after eight months will still retain “a high degree of protection” from COVID, particularly against severe cases. “The sense of urgency and emergency is very different than when we had no protection against the virus,” Avula said.

VDH officials are discussing ways to contact people to get their third dose at the eight-month mark, but Avula said some private sector providers — such as Walgreens — are already contacting people about third doses.

People who have autoimmune diseases, are HIV positive or receiving cancer treatment or have other co-morbidities that leave them vulnerable to severe cases of COVID are now eligible for third doses, following federal policy, and some in Virginia are already getting third shots, Avula said. This population is receiving a third dose of the same vaccine available since late last year because that’s what is currently available, although new vaccine formulations are currently under study and will likely be approved next year, he noted.

Avula added that federal officials have said there are enough doses for “every American” to receive a third dose without depriving unvaccinated children or adults, and that a great deal of future vaccine production will go toward doses to be sent to countries that currently lack supplies. Virginia currently has about 1 million doses available, he said.

Software firm to take over former Va. Beach Sears space

Decisions LLC, a provider of no-code, business process automation software, is moving its headquarters from Chesapeake to the former Sears building at Pembroke Mall in Virginia Beach, Cushman & Wakefield | Thalhimer announced this week.

The company has leased 52,638-square-feet of office space at the shuttered department store at 4588 Virginia Beach Blvd., at the corner of Independence Boulevard. John P. Duffy of Thalhimer handled the lease negotiations on behalf of Decisions, which employs about 200 people.

Hampton Roads reports continued seller’s market for homes

The Hampton Roads area was still seeing a tight market for homebuyers in July, according to the Real Estate Information Network Inc.’s latest report on the region. Compared to July 2020, there was a 17.13% decrease in active listings last month, along with higher prices.

REIN, using the region’s Multiple Listing Service data, reported there were 4,621 active listings in July, compared to 5,576 a year ago. The median residential sales price last month was $300,000, a 9.09% increase from last year’s median price and the highest average this year. The median price in June 2021 was $298,470 and in May, $290,000, a nearly 3.5% increase over the past two months.

“The limited number of listings as compared to last year indicates that supply is still lagging and is keeping us in a seller’s market,” REIN Board President Harry Cross said in a statement. “This also tells us why the average price keeps climbing — more demand than supply.”

Listings increased slightly from June, which recorded 4,220 active listings. Traditionally, August is a slower months for sales, Cross said, but if interest rates remain low, demand is likely to be steady. Year-over-year, REIN reported that settled sales increased by 6.32% in July 2021 compared to July 2020, and inventory was down by 32.88% from last year. In the month’s supply of inventory — reflecting the amount of time it would take to sell every available home on the market without adding new homes — the number was at 1.47 months last month, compared to 2.19 in July 2020.

 

NoVa housing forecast: Still tight for single-family homebuyers

In the Northern Virginia Association of Realtors’ mid-year forecast released Friday, a panel of real estate experts predict a continued tight market for single-family homes and higher residential prices in the second half of the year, but the market appears to be normalizing from last year’s heights.

“This year, the mid-year update is particularly relevant as the effects of the pandemic subside with vaccine rollouts,” Terry Clower, director of George Mason University’s Center for Regional Analysis and professor of public policy, said in a statement. “While there is still uncertainty regarding the future of the pandemic, the housing market seems to be stabilizing after several months of atypical behavior — strong sales in mid-winter, price increases not seen since the boom of the early 2000s, and unusual weakness for prime location condos.”

The report covers Fairfax and Arlington counties, as well as the cities of Alexandria, Fairfax and Falls Church. Single-family residences are expected to see the largest price increases in the fall and winter of 2021, with a 16.4% year-over-year rise in Arlington, 8.6% in Fairfax and 7.4% in Alexandria at year’s end. Townhouse prices are predicted to rise by 6.8% in Fairfax and 3.5% in Alexandria, but the panel of experts expects a 2.4% year-over-year decrease in Arlington — although those prices will still be elevated due to shortage of housing. The decrease reflects the unusually strong market late last year, NVAR reports.

Single-family homes are still in a tight buyer’s market, particularly in Fairfax County, which is expected to have only 400 active listings in December. By comparison, there were 2,674 listings in June 2015. Arlington and Alexandria are expected to have only 71 and 17 single-family homes listed in December, respectively.

Condos are expected to be less volatile than other housing, with price increases ranging from 1.6% to 3.3%.

As for inventory, there are more condos expected to go on the market later this year, with active listings expected to range from 561 to 640 in Fairfax, 360 to 429 in Arlington and 180 to 216 in Alexandria. Townhouse inventory is expected to decline but remain relatively steady the rest of the year.

Northern Virginia Realtors saw a 58% increase, or nearly $1.5 billion, in the amount of real estate sold in September 2020 compared to the same time period in 2019, according to the NVAR’s report released last October.

“Investing in a Northern Virginia townhome is likely as close to a sure thing as you can get in real estate,” Clower said in Friday’s report.

Staunton senior community sells for $4.75M

A senior-living community with 62 one- and two-bedroom apartments in Staunton has sold for $4.75 million, Cushman & Wakefield | Thalhimer announced this week. Formerly a high school built in 1926, Gypsy Hill Place was converted to apartments and commercial space in 2009.

Original developer Gypsy Hill Place LLC, represented by John Pritzlaff and Jenny Stoner of Thalhimer, sold the property at 300 Churchville Ave. to Hilltop Terrace LLC, according to Staunton property records.

In addition to the apartments, the property has 30,000 square feet of commercial and amenity space.

Scott’s Addition property sells for $10.8M in Richmond

A 53,392-square-foot mixed-use property in Richmond has sold for $10.8 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Friday. The 1.81-acre plot was sold by an entity co-managed by Richmond-based Fountainhead Development and Lynx Ventures.

The building, on 1300 MacTavish Ave. in the Scott’s Addition neighborhood, has 13 apartments and 42,892 square feet of commercial space that is currently leased to three tenants. The property also has on-site parking and rights to parking on an adjacent property. Raleigh-based Hem & Spire LLC purchased the property from ADC II LLC, which was represented by Catharine Spangler and Jeff Cooke of Thalhimer.

Powhatan shopping center sold for $4.3M

The Maxey Center, a shopping center in Powhatan County, has sold for $4.325 million, S.L. Nusbaum Realty Co. announced Friday. Ruffin Mill LLC, a local investor, purchased the property at 3452 Anderson Highway.

The 17,235-square-foot, fully leased shopping center includes tenants Powhatan Medical Associates, Edward Jones, Angela’s Italian Restaurant, ERA Napier and Powhatan Gentle Dentistry. Seller JWN Properties LLC is represented by Nusbaum’s Nathan Shor, Elliot Warsof, Thomas Langston, Chris Zarpas and Mike Zarpas.

Richmond casino referendum gets court’s OK for ballot

The Richmond Circuit Court approved the Richmond City Council’s petition Tuesday to place a referendum on the November ballot for city voters to weigh in on the Urban One Inc.-backed ONE Casino + Resort project.

It’s the next step in a process that started early this year with the city’s request for proposals for a casino resort. In June, City Council voted 8-1 to request that the Richmond Circuit Court add a referendum on the local ballot. If passed by voters, the proposed $562.5 million ONE Casino would be approved to start construction on the city’s South Side near Interstate 95, on 100 acres owned by Altria Group Inc. It would be the only casino under Black ownership in the country. Urban One, which owns and operates 55 radio stations and the TV One cable network, has partnered with Peninsula Pacific Entertainment, owner of Colonial Downs Group and the Rosie’s Gaming Emporium franchise.  It also is a minority investor in the MGM National Harbor hotel and casino in Maryland.

The Richmond project includes a sportsbook, 250 hotel rooms, a 3,000-seat theater, 100,000 square feet of gaming space, and 12 bars and restaurants, and it was chosen from among six proposals received in January. A city-appointed advisory panel recommended Urban One’s proposal, sending it to City Council in May.

“We thank the court for its review and order to place on the November ballot a referendum on the … project,” Richmond Mayor Levar Stoney said in a statement Tuesday. “This economic development project will bring 1,300 well-paying jobs and millions in much-needed revenue to our city while continuing the revitalization of South Richmond.  And as we said from the beginning, the people will have the final say.”

Urban One said it would pay a minimum wage of $15 per hour, as well as a $25 million upfront payment to the city and have a $5.7 billion economic impact over the casino’s first 10 years.

Richmond is the last of five Virginia cities voting on whether to allow a commercial casino, after the Virginia General Assembly voted in 2020 to allow five economically challenged cities across Virginia to have one casino per locality if approved by local voters. Bristol, Danville, Norfolk and Portsmouth all passed casino referendums last November by large margins, and their projects are expected to be finished within the next two years.

Richmond mandates vaccinations for city employees

Richmond Mayor Levar Stoney announced Wednesday that all city employees will be required to be vaccinated against COVID-19, becoming the first Virginia locality to mandate vaccination.

Fairfax County has taken steps in recent weeks toward a vaccination mandate for its 12,000 employees, but the county executive must make the final decision. Gov. Ralph Northam has not made an announcement about state employees being required to be vaccinated, but President Joe Biden has announced a mandate for federal employees. Many universities and colleges as well as individual companies and workplaces have instituted vaccination requirements, and the issue has gained urgency in recent weeks as the Delta variant of COVID has led to higher infection, hospitalization and death rates among the unvaccinated.

Richmond city employees, including those who telework, must be fully vaccinated by Oct. 1, according to the mayor’s office, and they will be asked to prove their vaccination status through the Virginia Department of Health. Medical and religious exemptions are allowed, but religious exemptions must be notarized and medical exemptions must be signed by a licensed medical provider. Anyone who does not comply will be subject to disciplinary action in accordance with city Department of Human Resources guidelines.

“We take this step not only to ensure the health and safety of our employees and their families, but also to safeguard the comfort and well-being of residents, customers, visitors and the public at large,” said Mayor Stoney. “The vaccine is our greatest tool to save lives and truly beat this pandemic.”