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Virginia

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Payroll employment in Virginia increased by 16,500 jobs (0.3 percent) in March. The unemployment rate edged down 0.1 percentage point to a rate of 2.9 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Employment growth accelerated in March, following a strong gain in February. March's job gain was widespread across industries as every major industry sector added to their payrolls in the month." — Joseph Mengedoth
  • Total payroll employment in Virginia increased by 16,500 jobs (0.3 percent), on net, in March. Every major industry sector added jobs over the month with the largest increases coming from professional and business services (4,200 jobs), leisure and hospitality (3,5000 jobs) and the government sector (3,000 jobs).
  • On a year-over-year basis, payroll employment increased by 73,900 jobs (1.8 percent), on net. Since last March, the most jobs were added in education and health services (23,400 jobs), followed by government (16,100 jobs) and leisure and hospitality (11,100 jobs).
  • The unemployment rate in Virginia edged down 0.1 percentage point in March to a rate of 2.9 percent, which matches the unemployment rate in March of last year.

Housing Market icon showing a picture of a house Housing Market Conditions

  • Residential permitting activity in Virginia was up 3.4 percent from January to February and up 18.9 percent on a year-over-year basis.
  • According to the Federal Housing Finance Agency, home values in Virginia appreciated 6.5 percent from the fourth quarter of 2022 to the fourth quarter of 2023.
Snapshot Resources
  • Term Definitions

    Payroll Employment
    The number of nonfarm jobs (persons on payrolls) according to where those jobs are located.

    Unemployment Rate
    The number of unemployed persons (those not employed but available and searching for work) as a percent of the civilian labor force (the total number of employed plus unemployed persons).

    Industry Structure
    A breakdown of total nonfarm jobs by industry. Percentages sum to 100 percent.

    Industry Growth
    The percentage change in jobs in each industry from a year ago.

    Building Permits
    The number of privately owned single-family and multi-family units authorized in permit-issuing places.

    House Price Index
    A repeat sales index, measuring average price changes in repeat sales or refinancings on the same single-family properties.

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