Finding good amid troubles

By The Daily Progress

Published: November 23, 2008

The good news for the Charlottesville-area economy is that there is, literally, good news.

We’re not just talking about the usual fact that this area, because of its economic buffers, suffers less than other regions in the state.

That’s true too, of course.

It’s also true that some economic measures still continue to show negative here.

But one measure of economic health suggests that at least one area industry may be on the rebound.

Area real estate agents still are not selling as many homes as they were this time last year.

But the pace of sales is picking up. There are fewer houses on the market overall, and they are not taking as long to move.

“We’ve had a decline of inventory of housing for the last four months straight,” said Jeff Gaffney, chairman of the new homes division of Real Estate III, in an accompanying story in today’s paper. “It’s still certainly a buyers’ market, but it’s headed toward balance. Maybe we’re turning a corner.”

More good news: The area’s hospitality industry is going strong. Hotels are matching last year’s pace, and restaurants are actually seeing a gain in sales. From Jan. 1 through Sept. 30, restaurant sales increased 6.5 percent.

It may be that people who otherwise would have taken more expensive vacations are staying closer to home this year. The Charlottesville area may be benefiting from tourists who are opting for a weekend in Jefferson Country over, say, a weekend in Paris. And, local residents who can’t afford a weekend away may be opting for the less expensive luxury of dinner on the town.

We’ve also heard anecdotally that a similar phenomenon is undergirding sales of home furnishings, appliances and electronics.

As one sales person put it: If people are staying at home more this year, they’re thinking they might as well make their home comfortable. A new dining room table to accommodate the family, a new big-screen TV or just a new coat of paint on the walls might be within reach of buyers who otherwise would be spending money on more expensive items.

Meanwhile, some confident entrepreneurs are even launching new businesses.

As for the Charlottesville area suffering less than other regions, yes, it’s true. The local unemployment rate is higher than this time last year, but still lower than other parts of the state.

Some pain cannot just be happy-talked away, no matter what the good news might be elsewhere. Men and women are still losing jobs, families are still losing homes. Retail and manufacturing sales are down significantly.

It in no way trivializes the pain these workers and employers are feeling, however, to remind ourselves of the positives. In fact, a bit of realistic positivism is part of what’s needed to get us through the tough times.

Without some bit of hope and optimism, we may focus on gloom and doom to such an extent that we create a self-fulfilling prophecy.

Let’s face the difficulties ahead without losing awareness of the good.