The document provides an overview of national and Virginia economic conditions as of April 2011. It includes data on GDP growth, personal income and spending, inflation, unemployment rates, housing starts, home prices, and other indicators. Specifically, it notes that Q4 2010 GDP growth was 3.1%, the personal saving rate was 5.8%, and core CPI inflation was up 2.1% year-over-year.

1. National Economic Conditions Ray Owens April 12, 2011

2. Q4 3.1 Real Gross Domestic Product Source: Bureau of Economic Analysis/Haver Analytics Percent change from previous quarter at annual rate

3. Real Gross Domestic Product Source: Bureau of Economic Analysis/Haver Analytics

4. Personal Saving Rate Source: Bureau of Economic Analysis/Haver Analytics Percent of disposable personal income Feb. 5.8%

5. Year over Year % Change Real Personal Income Real Personal Consumption Expenditures Feb. Personal Income & Expenditures Source: Bureau of Economic Analysis/Haver Analytics

6. DIFFUSION INDEXES: Numbers above 50 percent indicate a preponderance of expanding firm activity. ISM: Business Survey Indexes Source: Institute for Supply Management/Haver Analytics

7. Housing Vacancy Rate Source: Census Bureau/Haver Analytics Percent Q4 14.1%

8. Housing Starts Single-Family Building Permits & Housing Starts Source: Census Bureau/Haver Analytics Millions of Units Building Permits Feb.

9. Multi-Family Building Permits & Housing Starts Source: Census Bureau/Haver Analytics Building Permits Housing Starts

10. CoreLogic House Price Indices Source: CoreLogic/Haver Analytics Year over Year % Change Including Distressed Sales Excluding Distressed Sales Februay Incl. Distressed Sales -6.6% Excl. Distressed Sales 0.0%

11. Net Absorptions & Employment Source: Torto Wheaton, Bureau of Labor Statistics, & Haver Analytics Thousands of Employees, Quarterly Averages Millions of Square Feet Changes in Employment (Left Axis) Net Absorptions, Office Buildings (Right Axis) Notes: Office employment is the sum of employment in information, financial activities, and professional and business services.

12. Quarterly average of monthly changes, thousands of persons Q1 Avg. Nonfarm Payroll Employment Source: Bureau of Labor Statistics/Haver Analytics

13. Percent Mar. 8.8% Civilian Unemployment Rate Source: Bureau of Labor Statistics, Board of Governors, Haver Analytics Notes: FOMC forecast is the central tendency for the Q4 levels, from the January 25-26 meeting. FOMC Forecast

14. All Items Core CPI Feb. 2.1% Consumer Price Indexes Year over Year % Change Source: Bureau of Labor Statistics/Haver Analytics 1.1%

15. Current Target Range for Federal Funds Rate Expected Federal Funds Rate Percent Source: Chicago Board of Trade Notes: Derived from Fed funds futures contracts.

16. Federal Reserve System Assets Source: Board of Governors/Haver Analytics Miscellaneous: $156 Treasury Securities: $476 Notes: PDCF is the Primary Dealer Credit Facility. AMLF is the Money Market Liquidity Facility. Treasury Securities: $1,072 Miscellaneous: $175 Miscellaneous: $176 Foreign Currency Swaps: $553 Term Auction Facility: $450 Commercial Paper Facility (CPFF): $332 Treasury Securities: $790 Miscellaneous: $110 Treasury Securities: $755 Treasury Securities: $476 Treasury Securities: $777 Treasury Securities: $1,010 Misc.: $133 Misc: $176 Misc.: $153 Misc.: $161 Commercial Paper Facility (CPFF): $332 PDCF: $38 Term Auction Facility (TAF): $450 AIG & Bear Sterns: $114 AIG & Bear Sterns: $111 AIG & Bear Sterns: $113 Agency MBS: $910 Agency MBS: $1,001 Foreign Currency Swaps: $553 AMLF: $24 Discount Window: $87 Agency Debt: $160 Agency Debt: $147 TAF: $76 Term ABS Lending Facility (TALF): $25 TALF: $48 Total: $922 Total: $2,250 Total: $2,235 Total: 2,457 TAF: $20

17. Virginia Industry Structure Source: Bureau of Labor Statistics/Haver Analytics

18. Virginia Payroll Employment Source: Bureau of Labor Statistics/Haver Analytics

19. Virginia Unemployment Rate Source: Bureau of Labor Statistics/Haver Analytics

20. Virginia Real Personal Income Source: BEA/Haver Analytics

21. Virginia Single-Family Building Permits Source: US Census Bureau/Haver Analytics

22. Virginia Existing Home Sales Source: National Association of Realtors/Haver Analytics

23. Virginia House Prices—FHFA HPI Source: Federal Housing Finance Agency/Haver Analytics