Key Economic Indicators for Virginia
The purpose of the Recovery Act is to create and save jobs, jumpstart our economy, and build the foundation for long-term economic growth. Key economic indicators that are routinely tracked and reported on by Virginia government due to their key impact on Virginia’s budget will also be reported on this site over the next several years to provide information on the status of Virginia’s economy.
Virginia Unemployment Rate (graph)
The unemployment rate -- the number of currently unemployed people seeking jobs -- is a vital indicator of the health of a state's economy. Unemployment is a measure of how many people who do not currently have jobs are actively seeking employment. Since employment is the way most people earn a living, unemployment is a measure of how the economy is doing in providing opportunities for Virginians to support themselves and their families. Unemployment not only hurts the personal finances of those without jobs, but also reduces their participation in the overall economy. The inability to find work is also associated with psychological stress, health problems, and stress on family relationships.
A person is in the labor force if he or she has a job or is actively seeking employment. Otherwise, a person is not a member of the labor force.
Virginia Employment Growth (graph)
Employment growth reflects the rate at which the economy is creating and filling new jobs. Employment growth is an indicator of expansion in the economy and represents an increase in the economic opportunities available to the citizens of a region or state. Employment growth is generally tracked as a percentage change from a previous year.
Virginia Leading Index (graph)
The Virginia Leading Index measures key economic indicators that change before the economy has changed. Examples of leading indicators include auto registrations, building permits, and initial unemployment claims. There are also coincident indicators, which change about the same time as the overall economy, and lagging indicators, which change after the overall economy, but these are of minimal use as predictive tools.
Virginia Individual Income Tax Withholding (graph)
An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year. When a person starts a new job, he/she is required to fill out a W-4 form on which he/she can indicate his/her filing status and the number of allowances he/she is claiming.
Virginia State Sales and Use Tax (graph)
A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is set as a percentage of the item’s value. In Virginia, there are several exemptions. Most sales taxes are collected by the seller, who pays the tax over to the Commonwealth.
The use tax is imposed directly on the purchaser on goods purchased without sales tax, for example purchases made in another state or purchases over the internet. Use taxes are commonly imposed by most states in the United States, but are difficult to enforce except on large items such as automobiles and boats.
Virginia Taxable Sales, by Industry (graph)
These data, extracted from the Department of Taxation's (TAX's) accounting system, provide a breakdown of retail sales tax payments by industry. They allow for a detailed analysis of sales tax collections, revealing current trends in consumer demand. The data reflect payments from the largest companies in Virginia. They are not intended for use as a representative sample. They should also not be confused with the official taxable sales report published by TAX. The major industries include Housing (home improvement stores, electronics stores), Department Stores, Warehouse Clubs/Supercenters, Grocery Stores, Retail Trade (those businesses not classified under a more specific industry), Restaurants, Wholesale Trade, Gasoline Stations, and Other.
Virginia Motor Vehicle Sales (graph)
The data shown in the graph are total vehicle sales, new vehicle sales, and used vehicle sales. The data include only those sales which are taxable under the Virginia Motor Vehicle Sales and Use tax.
Virginia Wills, Suits, Deeds, and Contracts Fee (Primarily Recordation Tax) (graph)
The Commonwealth of Virginia levies a tax on the recordation of deeds, deeds of trust, mortgages, leases and contracts for the sale, assignment, transfer, conveyance or vestment of lands, tenements or realty.
The amount of the State tax on every deed, contract or other legal instrument is determined and collected by the Clerk of the Circuit Court in the locality where the instrument is first offered for recordation.
State Tax Rate
The tax rate is 25 cents per $100 (or portion of $100) of the purchase price or fair market value of the property conveyed, whichever is greater. The tax is paid by the purchaser or his/her designee.
Locality Tax Rate
The locality levies an additional tax of 1/3 of the State's recordation tax. The tax is paid by the purchaser or his/her designee.
Additional Tax on Grantor
Virginia levies a tax on the grantor at the rate of 50 cents per $500 (or portion of $500) of the purchase price or fair market value of the property, excluding any liens or encumbrances.