THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, January 14, 1995 TAG: 9501140225
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: Short : 35 lines
Continued strength in the construction industry buoyed Hampton Roads' economic activity in November, according to an economic index released Friday.
The Hampton Roads Economic Performance Index improved at a 3.1 percent annual rate to 107.3 in November, said David G. Garraty, a professor at Virginia Wesleyan College.
The index, compiled from seasonally adjusted employment and average wage data to measure local economic activity, operates from a baseline of 100 that represents the average from 1989 to 1991.
Garraty attributed the local economy's improvement to job gains across a broad cross-section of economic sectors.
Other than construction, seasonally adjusted employment rose in wholesale and retail trade, services, manufacturing, transportation, utilities and communications.
Virginia's economic growth outperformed Hampton Roads, as private-sector job gains pushed the state index 7.6 percent higher in November to 106.7. The government sector showed no growth on the state level.
Although the momentum in the state and local economies should continue into the first half of the year, interest-rate increases have started to slow the growth in the construction industry, Garraty said.
KEYWORDS: ECONOMY by CNB