Hampton Roads retail sales (measured through the 1% local sales tax), remained relatively unchanged between May-2013 and June-2013, at $1.77B per month. Although this is the highest level reached since Feb-2012, it lags 3.8% below the region’s peak sales of $1.83B in February-2007.
Hampton Roads has outperformed Virginia’s retail sales in the 2nd quarter of this year, growing by 3.5% between the first and the second quarter (the state retail sales declined by 0.3%). The nation has experienced stronger retail sales growth than either the state or the region, but U.S. sales figures include a much larger base of transactions, including online sales.
Internet sales continue to grow-
Retail sales purchased over the internet continue to grow in absolute terms, and as a percentage of total sales. Internet retail sales climbed to 5.75% of all sales in the 2nd quarter of 2013, up from 5.09% in the 2nd quarter of 2012.
*All numbers in this post have been adjusted for seasonal effects.