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Federal Reserve Bank of Richmond

Virginia

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Payroll employment in Virginia declined by 9,600 jobs (0.2 percent) in February. The unemployment rate was unchanged at 3.7 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Virginia's labor market softened in February. Payroll employment declined slightly and the labor force contracted; however, the unemployment rate was unchanged in the month." – Joseph Mengedoth
  • Total payroll employment in Virginia declined by 9,600 jobs (0.2 percent), on net, in February. The most jobs were lost in the month in professional and business services (3,200 jobs), education and health services (2,800 jobs), and leisure and hospitality (2,000 jobs).
  • On a year-over-year basis, payroll employment in Virginia declined by 38,600 jobs (0.9 percent), on net. Compared to last year, the most jobs were lost in professional and business services (21,700 jobs), manufacturing (11,700 jobs), and government (7,500 jobs).
  • The unemployment rate in Virginia was unchanged at 3.7 percent in February, while the labor force contracted 0.1 percent.

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

  • New residential permits in December 2025 increased 4.5 percent from November 2025. Compared to December 2024, the number of residential permits issued has decreased 25.1 percent.
  • According to the Federal Housing Finance Agency, home values in Virginia appreciated 0.6 percent in Q4 of 2025 when compared to Q3 of 2025. Furthermore, values appreciated 4.2 percent in Q4 of 2025 compared to Q4 of 2024.
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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Joseph Mengedoth