(Alexandria, VA) – Alexandria’s 2005 fourth quarter Local Economic Indicators Report (LEIRS) has recently been published and is now available for viewing on the Alexandria Economic Development Partnership, Inc. (AEDP) website. This detailed summary can be accessed at www.alexecon.org/leirs.html. AEDP compiles these figures from numerous national, state, and local sources to provide a statistical measure of the economic health of the City.
The City’s economic indicators all stayed strong in the fourth quarter of 2005. This included a very low office vacancy rate of 6.7% which is significantly lower than both the double digit Northern Virginia and Washington, DC Metropolitan office vacancy rates. This low office vacancy rate reflects the continued growth of business in the City, such as considerable expansions by The Motley Fool and the National Alcohol Beverage Control Association (NABCA), and new lease signings for companies like Ranstad.
Retail sales were up 10%, posting very positive results for Alexandria’s holiday shopping season. This marks a $65.5 million dollar increase from one quarter to the next, and a 4.7% increase over the 2004 holiday sales season.
The Alexandria economy also added 1,958 jobs in the fourth quarter, representing a 2% increase from the previous quarter. In addition, unemployment claims fell by 165, and the unemployment rate dropped from 2.7% to 2.4%, significantly below both the Virginia state average and U.S. average.
Nearby Reagan Washington National Airport finished 2005 with a 6% growth rate from 2004, adding an additional 18 million more passengers. A strong hotel market in Alexandria has also led to the groundbreaking of the 319-room Westin Hotel adjacent to the US Patent and Trademark Office, as well as the sale and planned conversion of the Holiday Inn on King Street in Old Town to the luxury boutique Hotel Monaco brand.
The Alexandria Economic Development Partnership, Inc. (AEDP) is a public/private partnership which plans, directs, manages, and implements efforts to attract and retain business operations in the City of Alexandria. AEDP has worked since 1981 as a facilitator to establish Alexandria as an internationally recognized community and business center. AEDP is located at 1729 King Street, Suite 410, Alexandria, Virginia 22314. 703-739-3820, email: info@alexecon.org; website: www.alexecon.org.
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Friday, March 17, 2006
