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Virginia continues falling behind US in economic growth

An aerial view of Fredericksburg, Virginia with the Rappahannock River in the foreground and the downtown area visible beyond at sunrise. (Getty Images/iStockphoto/Harlow Chandler)

RICHMOND, Va. (AP) — A new state report says Virginia’s economy continued to grow at a slower rate than the rest of the country in fiscal year 2018.

Virginia’s latest Comprehensive Annual Financial Report says the state continues to fall behind the nation in most areas.

Personal income grew 4.1 percent in Virginia compared to 4.5 percent in the U.S. Housing prices in Virginia rose 5 percent compared to 6.8 percent nationally. Virginia also lagged behind the national average in employment growth and the number of new building permits for privately owned housing.

The report said the economic indicators reflect, in part, Virginia’s reliance on slower growing federal employment.

The financial report is issued annually by the state comptroller’s office.

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