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Virginia

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Payroll employment in Virginia increased by 15,000 jobs (0.4 percent) in June. The unemployment rate was unchanged at a rate of 2.7 percent.

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  • "Virginia's labor market continued to expand at a solid rate in June. Total employment increased over the month and the previously reported job gain was revised slightly higher. The state's jobless rate was unchanged in June, remaining at 2.7 percent." – Joseph Mengedoth
  • Total payroll employment in Virginia increased by 15,000 jobs (0.4 percent), on net, in June. The professional and business services sector saw the largest increase of 6,5000 jobs in the month, followed by government (3,400 jobs), education and health services (2,900 jobs) and construction (1,300 jobs).
  • On a year-over-year basis, payroll employment increased by 86,800 jobs (2.1 percent), on net. Since last June, the most jobs were added in education and health services (28,400 jobs), followed by government (22,600 jobs) and construction (10,700 jobs).
  • The unemployment rate in Virginia was unchanged in June at a rate of 2.7 percent and was virtually unchanged compared to last June when the rate was 2.8 percent.

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

  • New residential permits in June 2024 decreased by 20.4 percent from May 2024. Compared to June 2023, the number of residential permits issued has decreased by 17.7 percent.
  • According to the Federal Housing Finance Agency, home values in Virginia appreciated by 1.5 percent in Q1 of 2024 when compared to Q4 of 2023. When compared to Q1 of 2023, home values have appreciated by 6.8 percent in Q1 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 (804) 762-2285