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File #: 21-463    Version: 1 Name:
Type: Report Status: Consent Agenda (no vote)
File created: 9/8/2021 In control: Board of Supervisors
On agenda: 10/6/2021 Final action:
Title: Albemarle County Q1 FY 22 Economic Outlook
Attachments: 1. Att.A - Albemarle County Economic Outlook Report, 2. Att.B - Table I
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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AGENDA DATE: 10/6/2021

TITLE:
Title
Albemarle County Q1 FY 22 Economic Outlook
BODY

SUBJECT/PROPOSAL/REQUEST: County Economic Indicators and Forecast for FY 21 and FY 22.

ITEM TYPE: Consent Information Item

STAFF CONTACT(S): Richardson, Walker, Filardo, and Allshouse, S.

PRESENTER (S): N/A

LEGAL REVIEW: Not Required

REVIEWED BY: Jeffrey B. Richardson

BACKGROUND: The Albemarle County Economic Outlook report provides an overview of recent economic conditions in the county and the forecasted direction of Albemarle's economy.

STRATEGIC PLAN: Mission - To enhance the well-being and quality of life of all community members through the provision of the highest level of public service consistent with the prudent use of public funds.

DISCUSSION: The Albemarle County Economic Outlook report (Attachment A) and accompanying Table I (Attachment B) show the state of the County's recent economic conditions and staff's forecast of the direction of Albemarle's economy for the remainder of FY 22, as of September 7, 2021.

The coronavirus pandemic, which began in Q4 of FY 20, clearly had an adverse impact on Albemarle's economy in FY 21, although this impact was not quite as severe as staff had forecasted early in FY 21. Federal stimulus efforts, the ability to work from home, and the development and distribution of vaccines are among factors that helped mitigate the worst effects of the pandemic-induced contraction in the economy. The recession affected certain sectors of the County's economy, such as Accommodations and Food Services, much more harshly than others, such as Professional and Technical Services, which appears to have expanded in FY 21. Staff thinks that the overall contraction that took place in the County's economy bottomed out sometime around Q1 of FY 21 and estimates that, by the end of FY 21, the region's Gross Domestic Product (GDP) grew in nominal terms by around 1.1% over the FY 20 level. Staff also estimates, however, that the County...

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