Charlottesville a Fast-Shrinking Economy?

Hmmm … this isn’t good. I wonder how they define “Charlottesville” – is it “Charlottesville, the City of,” or “Charlottesville = Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Nelson”?

9. Charlottesville, VA

> 2013 GMP change: -2.2% (tied-7th worst)

> Change in employment: -1.9% (tied-5th worst)

> Projected 2014 GMP change: 2.3% (tied-144th best)

> Unemployment rate: 4.6% (32nd lowest)

Charlottesville’s economy contracted by 2.2% in 2013 after failing to grow in 2012. This year, however, may be relatively strong for the area. Employment is projected to rise by 1.4%, while GMP is expected to grow by 2.3%. While these figures aren’t strong relative to the U.S. overall, they are a step in the right direction. Despite the two consecutive years of a shrinking economy, the area’s unemployment rate of 4.6% is considerably lower than many other metro areas. Charlottesville is home to the University of Virginia, a major employer in the area.

This does track with some of the sentiments I have observed, if not the data. I’m thinking that the study authors mean at least “Charlottesville + Albemarle” as much of the University of Virginia is in Albemarle.