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CHAMBER OF COMMERCE REPORTS VIRGINIA TAX DATA SHOW RETAIL SALES UP SLIGHTLY

CHAMBER OF COMMERCE REPORTS VIRGINIA TAX DATA SHOW RETAIL SALES UP SLIGHTLY (+1.54%) IN ALBEMARLE-CHARLOTTESVILLE �RETAIL HUB� OVER THE FIRST THREE QUARTERS OF 2013 � 2013 FIRST THREE QUARTER RETAIL SALES ALSO INCREASE IN AUGUSTA & GREENE; DECLINE IN LOUISA & WAYNESBORO.

� (Charlottesville, Virginia � November 25) The Charlottesville Regional Chamber of Commerce today released retail sales tax data showing aggregate retail sales in Albemarle � Charlottesville have increased slightly (+1.54%) over the first three quarters of 2013 in comparison to the same period in 2012. �The data showed that in the same period in 2013 compared to 2012, retail sales increased in Augusta & Greene Counties; declining in Louisa County & Waynesboro. � �Good news, as we head further into the Holiday Shopping Season,� noted Valerie W. Long, Partner at Williams Mullen, who serves as the 2013 Chair of the Chamber Board of Directors. �Retail sales are up.� In fact, aggregate retail sales in Albemarle and Charlottesville, the region�s retail hub, have risen consistently since the sales drop that began in late 2007 with the onset of the so-called �Great Recession� (2007-2009).� We are now well into the Holiday Shopping Season and it is important to note that the reported Albemarle � Charlottesville total aggregate retail sales data over the three months of this year�s third quarter are higher than at any time since 2006-2007.� � Virginia Department of Taxation sales tax data compiled showed that Albemarle and Charlottesville, the region�s �retail hub,� accounted for $1.687 billion in total retail sales over the first three quarters of 2013; in the aggregate an increase of +$25 million compared with the $1.662 billion in total sales over the same period in 2012.� Retail sales decreased over the first three quarters of 2013 within the City of Charlottesville by -5.85% while increasing in Albemarle County by +7.7%.� (The Virginia Department of Taxation informs our Chamber that several audits of tax reports between the City of Charlottesville and Albemarle County is a probable explanation of the significant decline in reported City of Charlottesville�s sales tax revenues.� Analysis by Virginia Taxation and Albemarle County officials of retail sales reporting had revealed that businesses in the County with �Charlottesville� mailing addresses were reported incorrectly as having occurred within the City.� The resulting adjustments moved retail sales � and correspondingly retail sales tax revenues � to the proper jurisdiction.� The amount of those continuing adjustments is not readily available from Virginia Tax Department data. Thus the data for Albemarle and Charlottesville in the aggregate provides a more accurate picture of retail in that one retail �marketplace.�) � During the first three quarters of 2013 (January � September) compared to the same period in 2012, retail sales increased in Augusta County +9.47% and Greene County, +7.82%; while retail sales decreased in Louisa County -5.3% and Waynesboro -0.07%. � According to the 2013 Chamber Jobs Report, the employment reporting sector of �Trade, Transportation & Utilities,� holds Greater Charlottesville�s largest segment of jobs, 17,829 or 22.4% � virtually all created through private investment and general commercial activity. � An increase in retail sales equates to a gain in jobs and state and local tax revenues while conversely a decline in retail sales equates to a loss of jobs and as well as a tax revenue loss. � The Charlottesville Regional Chamber of Commerce is dedicated to representing private enterprise, promoting business and enhancing the quality of life in the Greater Charlottesville communities.� Founded in 1913, the more than 1,100 Chamber member and affiliate member enterprises employ more than 45,000 men and women in the Greater Charlottesville region, representing an estimated total payroll of more than $1.75 billion a year.

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The Charlottesville Regional Chamber of Commerce is dedicated to representing private enterprise, promoting business, and enhancing the quality of life in our Greater Charlottesville communities.