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Federal Reserve Bank of Richmond

Virginia

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Payroll employment in Virginia increased by 2,900 jobs (0.1 percent) in January. The unemployment rate ticked up 0.1 percentage point to 3.7 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Reports on Virginia's labor market were mixed in January. Payroll employment increased slightly; however, the unemployment rate ticked up and the labor force contracted in the month." – Joseph Mengedoth
  • Total payroll employment in Virginia increased by 2,900 jobs (0.1 percent), on net, in January. The most jobs were added in the month in education and health services (7,000 jobs) and trade, transportation, and utilities (3,200 jobs). Conversely, sizeable job losses were reported in professional and business services (4,000 jobs) and government (3,200 jobs).
  • On a year-over-year basis, payroll employment in Virginia fell by 19,800 jobs (0.5 percent), on net. Compared to last year, the most jobs were lost in professional and business services (16,100 jobs), government (11,300 jobs), and manufacturing (10,100 jobs).
  • The unemployment rate in Virginia ticked up 0.1 percentage point to 3.7 percent in January as the number of unemployed people rose by 4,500 and the labor force contracted by 1,400 people.

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