ECONOMIC INDICATORS REMAIN POSITIVE FOR HALIFAX COUNTY

In spite of an evolving economic landscape, key indicators for Halifax County remain positive with unemployment at 6.1% in November 2022 compared to 6.2% in November 2021, a signal that recovery from pandemic-related effects on the local economy continues. October retail sales of $58,639,175 exceeded October 2021 sales of $52,430,515 with year-to-date sales up 5.2% over last year. With significant industrial and commercial construction underway, building permit values through November 2022 increased a whopping 340.5% over the same period in 2021. Importantly, new single family housing permits through November of 2022 were up 5.3% over last year, yet another positive economic signal.

Finally, Real Gross Domestic Product (GDP) increased by 4.1% for 2021, ranking Halifax County 64th in the state in GDP growth as released in December by the US Bureau of Economic Analysis (BEA). GDP is the value of goods and services produced within a county. Real GDP for Halifax County in 2021 was $1,300,109,000.

Lingering supply chain challenges and labor tightening coupled with recent interest rate increases will likely impact advances, but local officials remain optimistic that Halifax County will continue to see positive economic activity through 2023.