Virginia’s economy remains strong with an increasing number of job opportunities and low unemployment
Virginia – Virginia’s job market is showing strong and steady growth, with the latest data from the Bureau of Labor Statistics (BLS) highlighting an increase in employment and a thriving labor force. Governor Glenn Youngkin emphasized these positive trends earlier this week, pointing to the state’s economic resilience and expanding job opportunities. With nonfarm payroll employment rising and unemployment remaining low, Virginia continues to create a stable environment for workers and businesses alike.
Strong Job Growth and Workforce Expansion
The Commonwealth’s labor force has grown by 2,502 workers, bringing the total to 4,581,450. This keeps the labor force participation rate steady at 66.0 percent, showing that Virginians are staying engaged in the job market. Nonfarm payroll employment saw a gain of 4,900 jobs in December, according to the Current Employment Statistics (CES).
In addition, November’s initial figures were revised to reflect an even stronger increase, with job gains adjusted upward to 8,500, a revision of 3,200. This brings Virginia’s total nonfarm employment to 4,268,200, an increase of 76,900 jobs in 2024. Since January 2022, Virginia has added 265,300 jobs, and with new company announcements, an estimated 65,000 more positions are expected.
“Virginia’s labor market continues to demonstrate resilience and growth, with a strong increase in nonfarm payrolls, a growing labor force, and low unemployment,” said Governor Glenn Youngkin. “Our commitment to business-friendly policies, reducing costs, and fostering innovation has created an environment where both Virginia companies and Virginians can thrive.”
Unemployment Rate Remains Low
Unemployment in Virginia remains well below the national average, standing at just 3.0 percent. This is 1.1 percentage points lower than the U.S. unemployment rate of 4.1 percent, according to BLS Local Area Unemployment Statistics (LAUS).
“Virginia’s record-high job count underscores the resilience and momentum of our economy,” said Secretary of Commerce and Trade Caren Merrick. “Our strategic efforts to attract new investments and strengthen key industries are paying off, resulting in high-quality job creation and sustained economic growth across the Commonwealth.”
Secretary of Labor Bryan Slater also reinforced the positive employment trends, stating, “With a steady unemployment rate and high labor force participation, Virginia is effectively connecting job seekers with meaningful employment opportunities. Our focus remains on ensuring long-term prosperity for workers by maintaining a robust and adaptable labor market.”
Job Openings Reach Highest Level in Nearly a Year
Household survey data further emphasize Virginia’s economic strength. The state saw an increase of 2,749 employed residents in December, adding to an already strong employment base. The Job Openings and Labor Turnover Survey (JOLTS) also revealed that job openings in Virginia reached 295,000 in November, an increase of 19,000 from the previous month. This marks the highest number of job openings since March 2023, indicating a strong demand for workers across various industries.
With five hires for every ten job openings, Virginia continues to maintain a favorable hiring environment. The state’s job market is also proving to be strong for job seekers, as there are approximately two available jobs for every unemployed person.
A Promising Future for Virginia’s Workforce
The combination of growing job numbers, low unemployment, and a high level of job openings signals a healthy and expanding labor market in Virginia. The state’s workforce development initiatives are successfully connecting workers with employers, ensuring that Virginia remains an attractive place for businesses and employees alike.
By maintaining a steady labor force participation rate and seeing continued job creation, Virginia is proving that its economy is not just recovering but thriving. With more jobs expected to be created in the coming months, the state is well-positioned to sustain this momentum and continue building a prosperous future for its workforce.
For more information, visit the Department of Workforce Development and Advancement website at https://www.virginiaworks.gov.