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Weekly Update: Economic Prosperity
By Congressman Rob Wittman
November 17, 2018
As the leaves change and fall to the ground (along with some snow this week), I’m reminded how things have changed so much in the last year. Our nation’s and Virginia’s economies are thriving due to the pro-growth policies we have passed this Congress. And, honestly, the results speak for themselves.
Data released from the Bureau of Labor Statistic on November 2, 2018 told us three important things: hiring is up, wages are up, and the number of workers and job searchers is up. We learned that payrolls increased by 250,000 in October, well ahead of estimates, average hourly earnings increased by 3.1% - the best pace since 2009, and the unemployment rate stayed at 3.7% which is the lowest since 1969.
Experts, such as Elise Gould, the senior economist for the Economic Policy Institute, said that this report is “definitely a strong signal that workers are finally beginning to see the growing economy reach their paychecks.” I’m seeing that too. I have talked with countless businesses and constituents in the First District who are able to hire more workers or make a family purchase because of the extra dollars in their paychecks.
The Editorial Board at The Wall Street Journal wrote that, “GOP growth policies rescued an economy that was fading fast.” Virginia’s economy, as a result of these policies, is booming. Earlier this month, I witnessed this growth first-hand at home. Governor Northam and I visited two businesses expanding their operations in the First District, bringing more jobs to our community. Premier Tech, Ltd., a global leader in the horticulture and agriculture sector, announced a $1.89 million investment in their King and Queen County facility along with the creation of 20 new jobs. Carry-On Trailer Inc., a leading manufacturer of steel and utility trailers announced that they are investing $1.6 million in their Westmoreland County facility and adding 42 new jobs in the Northern Neck.
In Washington, I am always working to spur job creation in the First District and build a strong economy. It is investments like the ones Carry-On Trailer, Inc. and Premier Tech, Ltd. made in our community that spur further economic development and allow small communities to flourish.
I think the Chicago Tribune said it best, though, in an editorial at the beginning of the month: “There are plenty of measures of American satisfaction and security, but having a job is fundamentally important. Growth creates prosperity.” …“In other words, everything positive starts with jobs.” Unlike the seasons, my dedication to securing policies that will help keep Virginia’s economy growing will never change.
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