THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Saturday, December 10, 1994 TAG: 9412100266
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Short : 38 lines
Economic activity in Hampton Roads accelerated in September and October due to healthy gains in manufacturing and services sectors, a regional economic index released Friday shows.
David G. Garraty, a professor at Virginia Wesleyan who compiles the monthly index, hailed the gains as a sign that the economy is strengthening and diversifying away from construction, the major source of growth in the region for the last couple months.
As a result, the Hampton Roads Economic Performance Index, which uses seasonally adjusted job figures and average wage data to measure local economic activity, grew at a 10.3 percent rate over the two month period. The index works from a baseline of 100 that represents the average from 1989 to 1991.
In October, the Hampton Roads index recorded a 106.8 reading, 1.9 percent above last year's period. September's revised reading of 105.4 was 1.5 percent above its year earlier level.
``We had really solid growth in one month,'' Garraty said of October. ``That's what you want to see - a broadening of the expansion beyond construction.''
Gains in the economy due to school personnel returning to work spanned both September and October, he said.
Virginia's economic gains also mirrored the national economy's growth. The Virginia Economic Performance Index grew at a 10.5 percent annual rate to 106.0, 2.9 percent above its year-earlier level. State activity continues to outpace the economy in Hampton Roads. by CNB