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Federal Reserve Bank of Richmond

Virginia

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Payroll employment in Virginia increased by 6,900 jobs (0.2 percent) in March. The unemployment rate was unchanged at 3.8 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Virginia's labor market improved somewhat in March as total payroll employment increased and the unemployment rate was unchanged in the month." – Joseph Mengedoth
  • Total payroll employment in Virginia increased by 6,900 jobs (0.2 percent), on net, in March. The most jobs were added in the month in construction (2,100 jobs), education and health services (1,900 jobs), and "other" services (1,300 jobs).
  • On a year-over-year basis, payroll employment in Virginia declined by 33,400 jobs (0.8 percent), on net. Compared to last year, the most jobs were lost in professional and business services (18,600 jobs), manufacturing (10,800 jobs), and government (5,100 jobs).
  • The unemployment rate in Virginia was unchanged at 3.8 percent in March.

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

  • New residential permits in March 2026 decreased 1.8 percent from February 2026. Compared to March 2025, the number of residential permits issued has increased 10.6 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