Virginia

Payroll employment in Virginia declined by 1,000 jobs (0.0 percent) in February. The unemployment rate edged up slightly to 3.1 percent.

Labor Market Conditions

"Virginia's labor market softened slightly in February. Payroll employment declined marginally in the month and the unemployment rate ticked up." – Joseph Mengedoth
Total payroll employment in Virginia declined by 1,000 jobs (0.0 percent), on net, in February. The largest job losses in the month came from the professional and business services sector (6,300 jobs), followed by leisure and hospitality (2,400 jobs) and government (800 jobs). Conversely, the largest job gains in the month occurred in construction (4,200 jobs), education and health services (2,100 jobs), and trade, transportation, and utilities (2,000 jobs).
On a year-over-year basis, payroll employment increased by 54,100 jobs (1.3 percent), on net. Since last February, the most jobs were added in education and health services (32,000 jobs) and the government sector (16,100 jobs).
The unemployment rate in Virginia edged up slightly to 3.1 percent in February as the number of unemployed increased by 3,200 people.

New residential permits in February 2025 decreased by 33.9 percent from January 2025. Compared to February 2024, the number of residential permits issued has decreased by 16.7 percent.
According to the Federal Housing Finance Agency, home values in Virginia appreciated by 0.7 percent in Q4 of 2024 when compared to Q3 of 2024. Furthermore, values appreciated by 6.9 percent in Q4 of 2024 compared to Q4 of 2023.

Snapshot Resources

Joseph Mengedoth