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Federal Reserve Bank of Richmond

Virginia

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Payroll employment in Virginia declined by 8,000 jobs (0.2 percent) in May. 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 deteriorated somewhat in May. Total payroll employment contracted 0.2 percent in the month, however, the unemployment rate was unchanged at 3.8 percent." – Joseph Mengedoth
  • Total payroll employment in Virginia declined by 8,000 jobs (0.2 percent), on net, in May. The most jobs were lost in the month in professional and business services (6,200 jobs), construction (2,300 jobs), and education and health services (1,600 jobs).
  • On a year-over-year basis, payroll employment in Virginia declined by 52,200 jobs (1.2 percent), on net. Compared to last year, the most jobs were lost in professional and business services (28,800 jobs), manufacturing (11,800 jobs), and government (4,400 jobs).
  • The unemployment rate in Virginia was unchanged at 3.8 percent in May.

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

  • New residential permits in May 2026 increased 24.2 percent from April 2026. Compared to May 2025, the number of residential permits issued has increased 62.4 percent.
  • According to the Federal Housing Finance Agency, home values in Virginia appreciated 0.6 percent in Q1 of 2026 when compared to Q4 of 2025. Furthermore, values appreciated 3.8 percent in Q1 of 2026 compared to Q1 of 2025.
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