It truly is an honor to be here before you today to discuss the financial condition of the Commonwealth as of June 30, 1998. It is my pleasure to report that the Virginia economy is thriving and our revenue outlook remains very positive. The economic strength of last summer, fall and winter remains and is providing Virginia's working families with abundant economic opportunities.
Unemployment is at the lowest rates in over thirty years.
Employment in the Commonwealth reached an all-time high of 3,347,000 in June. Wages and salaries are also growing rapidly. The latest data show that wages and salaries are up about 7 percent over last year. Strong job growth, combined with average wage gains of about 3.5 percent for the third consecutive year, is propelling incomes to new heights and providing the Commonwealth with an abundance of tax dollars. I am pleased to report to you that actual growth this year was 10.4 percent, so we are well on our way toward meeting our expectations.