Nov. 26--Nobody will argue that today's economic climate represents the best of times. Unemployment is up; foreclosures are rising; and new bank failures are announced almost every week.

Despite that, there are many economic reasons to be thankful on this Thanksgiving Day, both in the Fredericksburg area and beyond.

Here are a few.

Bill Freehling: 540/374-5424 Email: bfreehling@freelancestar.com

Housing prices continue to fall year-over-year in the Fredericksburg area; the median price in October was down 10 percent from the same month the year before. Yet prices haven't been falling month-to-month this year, a sign of a possible bottom.

Lower prices and a federal tax credit for buyers have led to higher housing sales volumes just about every month this year in the Fredericksburg area compared with 2008, leading to a modest increase in the number of building permits for new homes.

There was about a seven-month supply of homes in the Fredericksburg area at October's sales pace, down from 10 months for that month in 2008 and 15 months in 2009. Realtors hope Congress' recent decision to extend the home-buyer tax credit through April 30 will continue to help boost sales.

Watching movies at home, dining in, staycationing and keeping credit cards away from mall registers meant Americans made fewer trips on U.S. roads in 2009. Fewer miles traveled translates to fewer opportunities to be injured or killed in a car crash.

Between January and June, U.S. traffic fatalities fell 7 percent compared with the first six months of 2008, according to the National Highway Traffic Safety Administration. April through June marked the 13th consecutive quarter in which U.S. traffic fatalities have fallen. From January to June, there were 1.15 deaths per 100 million vehicle miles traveled, down from 1.23 deaths during the same time frame in 2008 -- a record low rate in U.S. history.

In addition, research has shown that upticks in unemployment lead to health improvements as stress drops and exercise rises.

Stocks are still down 25 percent from the record highs of October 2007, but they've come a long way from the abyss of March.

The Dow Jones Industrial Average is up better than 50 percent from its March lows, meaning the index of blue-chip U.S. stocks has made up about half the ground lost from peak to trough. The Dow is about 20 percent higher than it was for Thanksgiving Day 2008.

That rise has rewarded investors who stayed with the stock market throughout the downturn. The resulting increase in net worth has perhaps made some feel wealthier, which could help retailers this holiday shopping season.

Finally, the stock market is considered a leading indicator, meaning it's a predictor of things to come in the next six or nine months. If investors have gotten it right this time, the U.S. economy should improve next year.

The Fredericksburg area's 5.8 percent unemployment rate in September is higher than the region has come to expect, but it's much better than most. The U.S. unemployment rate was 9.5 percent in September, and the state rate was 6.6 percent.

Government and military jobs help keep Virginia's rate low, and the Fredericksburg area benefits from both. An expansion in the federal government, though distasteful to many people, creates jobs that can be filled by area residents willing to commute. Nearly 3,000 new military jobs are coming to Quantico Marine Corps Base in 2011.

The Fredericksburg area is also seeing a decent amount of commercial construction considering the economy -- including two new hospitals, the development of open-air shopping at Spotsylvania Towne Centre and the University of Mary Washington's Eagle Village project.

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