Regional economic numbers adjusted upward

by Bill Nachman - Posted on May 15, 2013 - 11:43 AM

Hampton Roads experienced a stronger economic recovery in the third and fourth quarters of 2012 than originally projected.

A recent report by the Hampton Roads Planning District Commission said that, according to a Bureau of Labor Statistics review, the revised employment estimate for December 2012 was 753,700—4,700 higher than previous estimates.

"Those 4,700 positions represent a very positive and significant revision, as they amount to 76 percent of an average year’s growth," the report said.

Meanwhile, seasonally adjusted payrolls declined by 1,300 this January to a total of 752,400. "While this was not a large decline, it did end six consecutive months of growth, which was the longest expansion in regional employment since July 2007," the report said. But HRPDC economist James Clary said "this single month of decline generates concern, as the impact of the sequester looms over the region."

Also, the report said that regional employment in February of 2010 had declined by 6.2 percent from peak employment in July of 2007.

Gloucester County is a member jurisdiction of HRPDC.