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Federal Reserve Bank of Richmond

Virginia

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Payroll employment in Virginia increased by 5,600 jobs (0.1 percent) in August. The unemployment rate declined by 0.1 percentage point to 3.6 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Virginia's labor market improved somewhat in August as total payroll employment rose and the unemployment rate declined slightly. However, the state's labor force contracted further in the month." – Joseph Mengedoth
  • Total payroll employment in Virginia increased by 5,600 jobs (0.1 percent), on net, in August. The most jobs were added in the month in professional and business services (4,100 jobs) and construction (2,400 jobs).
  • On a year-over-year basis, payroll employment in Virginia declined by 37,700 jobs (0.9 percent), on net. Compared to last year, the most jobs were lost in professional and business services (14,700 jobs) and government (11,200 jobs).
  • The unemployment rate in Virginia declined by 0.1 percentage point to 3.6 percent in August as the number of unemployed declined; however, the labor force contracted 0.2 percent in the month.

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

  • New residential permits in August 2026 increased 35.3 percent from July 2026. Compared to August 2025, the number of residential permits issued has increased 60.7 percent.
  • According to the Federal Housing Finance Agency, home values in Virginia appreciated 1.7 percent in Q2 of 2026 when compared to Q1 of 2026. Furthermore, values appreciated 3.8 percent in Q2 of 2026 compared to Q2 of 2025.
Snapshot Resources

  • 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