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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Featured

Publication

Will COVID-19 Change Cities Forever?

First Quarter 2021

The latest issue of the Richmond Fed's economics magazine looks at how remote work and other adaptations to the pandemic are likely to affect major cities and their economic vitality. Other articles examine the Fed's new policy framework, the development of "green infrastructure" to clean up stormwater that drains into the Chesapeake Bay, and the history of financial repression.

Blog Post

Demand Is Up, But Can Supply Match It?

Regional Matters

May 3, 2021

By Jacob Crouse and Sonya Ravindranath Waddell

The economic recovery enabled by the vaccine rollout has increased demand for Fifth District goods and services. But can supply keep up with demand?

Publications

Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model

Working Paper Series

April 2021, No. 21-08

Andreas Hornstein

Big Push in Distorted Economies

Working Paper Series

March 2021, No. 21-07

Francisco Buera, Hugo Hopenhayn, Yongseok Shin and Nicholas Trachter

Optimal Vaccine Policies: Spillovers and Incentives

Working Paper Series

March 2021, No. 21-06

Nikhil Vellodi and Joshua Weiss

Data & Analysis

Employment Growth in the Fifth District

May 7, 2021

Learn more about your state’s labor and housing markets in this month's Snapshot and economic indicators of the Fifth District.

Month,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia
2011-03-01,  1.1,  1.6, 2.4,  1.4,  1.5,  1.7,  1.9,  0.9
2011-04-01,  1.1,  1.3, 2.0,  0.9,  1.3,  1.4,  1.3,  1.3
2011-05-01,  0.8,  0.7, 1.4,  0.5,  0.9,  0.7,  0.6, -0.5
2011-06-01,  1.1,  0.8, 1.4,  0.5,  1.2,  1.0,  0.6,  0.2
2011-07-01,  1.2,  1.0, 1.4,  1.0,  1.2,  1.0,  0.8,  0.4
2011-08-01,  1.3,  1.1, 2.6,  0.8,  1.3,  1.0,  0.9,  0.7
2011-09-01,  1.5,  1.5, 2.3,  1.0,  1.6,  1.3,  1.6,  1.7
2011-10-01,  1.5,  1.1, 1.5,  0.9,  1.0,  1.0,  1.2,  1.5
2011-11-01,  1.5,  1.2, 1.4,  0.9,  1.2,  1.2,  1.3,  1.8
2011-12-01,  1.6,  1.3, 1.5,  1.0,  1.3,  1.1,  1.3,  2.2
2012-01-01,  1.8,  1.6, 1.0,  1.3,  1.9,  2.0,  1.3,  2.6
2012-02-01,  1.9,  1.4, 0.9,  1.2,  1.5,  1.7,  1.2,  2.3
2012-03-01,  1.9,  1.5, 1.0,  1.3,  1.7,  1.8,  1.3,  2.4
2012-04-01,  1.7,  1.3, 0.4,  1.1,  1.7,  1.4,  1.1,  1.9
2012-05-01,  1.7,  1.5, 1.2,  1.1,  1.8,  1.4,  1.1,  3.0
2012-06-01,  1.6,  1.3, 0.6,  1.2,  1.4,  1.7,  1.2,  1.4
2012-07-01,  1.6,  1.0, 0.1,  0.8,  1.5,  1.4,  0.7,  1.0
2012-08-01,  1.7,  1.3, 0.6,  1.2,  1.6,  1.6,  1.1,  0.7
2012-09-01,  1.6,  1.3, 0.5,  1.3,  1.8,  1.7,  0.9,  0.7
2012-10-01,  1.6,  1.5, 1.5,  1.2,  2.0,  1.9,  1.3,  0.4
2012-11-01,  1.6,  1.5, 1.6,  1.2,  2.1,  2.2,  1.2, -0.2
2012-12-01,  1.6,  1.5, 1.5,  1.2,  2.0,  2.1,  1.3, -0.3
2013-01-01,  1.5,  1.3, 1.3,  1.1,  1.7,  1.7,  1.1, -0.2
2013-02-01,  1.5,  1.3, 1.4,  1.1,  1.8,  1.6,  1.1, -0.3
2013-03-01,  1.4,  1.2, 1.2,  0.9,  1.7,  1.4,  1.0, -0.5
2013-04-01,  1.5,  1.3, 2.1,  1.0,  1.7,  1.7,  0.9, -0.5
2013-05-01,  1.6,  1.1, 1.4,  1.1,  1.5,  1.8,  0.8, -1.6
2013-06-01,  1.7,  1.3, 1.5,  1.1,  1.7,  1.9,  0.8,  0.2
2013-07-01,  1.7,  1.4, 1.8,  1.1,  1.8,  2.1,  1.0,  0.2
2013-08-01,  1.7,  1.3, 1.7,  1.0,  1.8,  2.1,  0.8,  0.3
2013-09-01,  1.7,  1.2, 1.8,  0.8,  2.0,  2.3,  0.5, -0.5
2013-10-01,  1.8,  1.1, 0.9,  0.6,  1.9,  2.4,  0.1, -0.4
2013-11-01,  1.8,  1.2, 1.2,  0.9,  1.8,  2.1,  0.3,  0.0
2013-12-01,  1.7,  1.0, 1.2,  0.5,  1.9,  2.4,  0.1, -0.3
2014-01-01,  1.7,  0.9, 0.4,  0.4,  1.8,  2.4,  0.0, -0.7
2014-02-01,  1.6,  0.6, 0.4,  0.3,  1.3,  2.1, -0.3, -1.0
2014-03-01,  1.7,  0.9, 0.5,  0.3,  1.7,  2.7, -0.2, -0.8
2014-04-01,  1.8,  1.3, 0.2,  0.7,  2.1,  2.8,  0.5, -0.4
2014-05-01,  1.8,  1.5, 0.1,  0.9,  2.2,  2.9,  0.9,  1.0
2014-06-01,  1.9,  1.4, 1.1,  0.8,  2.3,  2.7,  0.9, -1.5
2014-07-01,  2.0,  1.3, 0.9,  0.7,  2.3,  2.4,  0.8, -1.0
2014-08-01,  1.9,  1.4, 0.8,  1.1,  2.2,  2.5,  0.7, -0.6
2014-09-01,  2.0,  1.4, 0.6,  1.2,  2.1,  2.6,  0.8,  0.1
2014-10-01,  2.0,  1.5, 1.1,  1.2,  2.2,  2.7,  0.8,  0.3
2014-11-01,  2.0,  1.6, 0.9,  1.2,  2.3,  3.0,  0.7,  0.2
2014-12-01,  2.2,  1.7, 0.9,  1.5,  2.3,  3.0,  1.0,  0.3
2015-01-01,  2.2,  1.9, 2.2,  1.3,  2.5,  2.8,  1.3,  0.3
2015-02-01,  2.3,  2.2, 2.2,  1.5,  3.1,  3.2,  1.5,  0.4
2015-03-01,  2.1,  1.7, 2.0,  1.3,  2.3,  2.6,  1.2, -0.2
2015-04-01,  2.1,  1.6, 1.5,  1.3,  2.0,  2.3,  1.3, -0.4
2015-05-01,  2.2,  1.8, 2.2,  1.6,  2.3,  2.6,  1.5, -1.7
2015-06-01,  2.1,  1.9, 1.6,  1.5,  2.4,  2.8,  1.7,  0.7
2015-07-01,  2.1,  2.2, 2.2,  1.7,  2.4,  3.1,  2.2, -0.1
2015-08-01,  2.1,  2.2, 2.2,  1.5,  2.4,  3.1,  2.4, -0.4
2015-09-01,  1.9,  2.1, 1.8,  1.4,  2.5,  2.9,  2.5, -1.0
2015-10-01,  2.0,  2.3, 2.2,  1.7,  2.5,  3.0,  2.8, -1.2
2015-11-01,  1.9,  2.2, 2.3,  1.5,  2.4,  2.7,  2.8, -1.1
2015-12-01,  1.9,  2.3, 2.6,  1.6,  2.5,  2.8,  2.8, -0.9
2016-01-01,  1.9,  1.9, 1.9,  1.6,  2.4,  2.6,  2.1, -1.5
2016-02-01,  1.8,  1.9, 2.1,  1.3,  2.3,  2.6,  2.1, -1.6
2016-03-01,  1.9,  2.3, 2.2,  1.7,  2.7,  2.7,  2.5, -0.8
2016-04-01,  1.9,  2.2, 2.5,  1.5,  2.9,  3.0,  2.1, -1.1
2016-05-01,  1.7,  1.8, 2.2,  1.0,  2.4,  2.6,  1.6, -0.5
2016-06-01,  1.7,  1.6, 2.0,  0.9,  2.4,  2.4,  1.5, -1.9
2016-07-01,  1.8,  1.6, 1.6,  1.1,  2.4,  2.6,  1.2, -1.7
2016-08-01,  1.8,  1.5, 1.4,  1.2,  2.3,  2.4,  1.1, -1.6
2016-09-01,  1.9,  1.6, 1.5,  1.4,  2.4,  2.5,  1.0, -1.4
2016-10-01,  1.7,  1.3, 1.2,  1.1,  2.0,  1.8,  0.8, -1.5
2016-11-01,  1.7,  1.4, 1.2,  1.2,  2.1,  2.1,  0.8, -0.1
2016-12-01,  1.6,  1.2, 1.0,  1.1,  1.9,  2.0,  0.7, -1.4
2017-01-01,  1.7,  1.5, 1.2,  1.2,  1.9,  2.3,  1.2, -0.7
2017-02-01,  1.7,  1.6, 0.9,  1.5,  2.0,  2.3,  1.3, -0.2
2017-03-01,  1.6,  1.4, 1.1,  1.3,  1.8,  2.3,  1.1, -0.5
2017-04-01,  1.6,  1.2, 0.9,  1.1,  1.5,  2.0,  1.0, -0.6
2017-05-01,  1.7,  1.3, 0.9,  1.2,  1.6,  2.0,  1.2, -1.3
2017-06-01,  1.6,  1.5, 1.1,  1.4,  1.7,  2.2,  1.3,  0.4
2017-07-01,  1.5,  1.4, 0.9,  1.1,  1.6,  1.9,  1.2,  0.4
2017-08-01,  1.6,  1.3, 0.9,  1.0,  1.7,  1.7,  1.1,  0.4
2017-09-01,  1.4,  1.1, 0.9,  0.8,  1.5,  1.2,  1.0,  0.3
2017-10-01,  1.5,  1.4, 1.0,  0.9,  1.8,  2.2,  1.1,  0.5
2017-11-01,  1.5,  1.1, 0.9,  0.8,  1.5,  1.8,  0.9, -0.9
2017-12-01,  1.5,  1.2, 0.8,  0.6,  1.5,  1.8,  1.2,  0.2
2018-01-01,  1.4,  1.5, 1.1,  0.7,  1.7,  2.8,  1.3,  0.4
2018-02-01,  1.5,  1.5, 1.2,  0.8,  1.7,  2.8,  1.2,  0.4
2018-03-01,  1.6,  1.5, 1.0,  1.0,  1.8,  2.7,  1.3,  0.5
2018-04-01,  1.5,  1.7, 1.3,  0.9,  2.0,  3.1,  1.3,  1.1
2018-05-01,  1.6,  1.8, 1.2,  0.9,  2.1,  3.1,  1.4,  2.4
2018-06-01,  1.6,  1.7, 1.2,  0.9,  2.0,  3.0,  1.3,  1.8
2018-07-01,  1.6,  1.8, 1.2,  1.2,  2.0,  2.7,  1.4,  2.0
2018-08-01,  1.6,  1.8, 1.2,  1.1,  2.0,  3.0,  1.4,  2.1
2018-09-01,  1.6,  1.5, 1.1,  1.0,  1.3,  2.7,  1.3,  1.9
2018-10-01,  1.6,  1.6, 0.9,  0.9,  2.0,  2.7,  1.3,  1.9
2018-11-01,  1.5,  1.7, 1.0,  0.9,  2.0,  2.7,  1.4,  1.6
2018-12-01,  1.6,  1.5, 0.8,  1.0,  1.7,  2.5,  1.2,  1.4
2019-01-01,  1.7,  1.6, 0.5,  1.1,  2.4,  1.7,  1.3,  0.9
2019-02-01,  1.4,  1.4, 0.7,  0.8,  2.1,  1.4,  1.2,  0.5
2019-03-01,  1.4,  1.3, 0.6,  0.8,  2.0,  1.6,  1.2,  0.4
2019-04-01,  1.4,  1.3, 0.4,  0.7,  1.9,  1.5,  1.2,  0.3
2019-05-01,  1.3,  1.1, 0.2,  0.7,  1.8,  1.6,  1.1, -1.2
2019-06-01,  1.2,  1.2, 0.5,  0.6,  1.8,  1.4,  1.2, -0.6
2019-07-01,  1.3,  1.2, 0.6,  0.4,  1.9,  1.7,  1.1, -0.8
2019-08-01,  1.2,  1.2, 0.5,  0.4,  1.8,  1.8,  1.1, -1.0
2019-09-01,  1.3,  1.4, 0.7,  0.4,  2.4,  2.2,  1.1, -1.3
2019-10-01,  1.3,  1.2, 0.6,  0.7,  1.8,  1.6,  1.4, -1.7
2019-11-01,  1.4,  1.2, 0.7,  0.6,  1.9,  1.5,  1.3, -1.7
2019-12-01,  1.3,  1.3, 0.8,  0.7,  2.1,  1.5,  1.3, -1.4
2020-01-01,  1.4,  1.1, 1.4,  0.5,  1.5,  1.1,  1.2, -0.5
2020-02-01,  1.6,  1.1, 0.9,  0.5,  1.6,  1.0,  1.3, -0.6
2020-03-01,  0.4,  0.3, 0.3, -0.7,  0.8,  0.3,  0.5, -1.3
2020-04-01,-13.5,-12.0,-9.4,-14.0,-11.2,-13.6,-10.8,-14.8
2020-05-01,-11.7,-10.7,-9.7,-13.0, -9.7,-10.6,-10.3,-12.9
2020-06-01, -8.5, -8.5,-9.7,-11.3, -7.0, -7.6, -8.8, -8.0
2020-07-01, -7.5, -7.3,-9.1, -8.8, -6.0, -7.0, -7.5, -8.1
2020-08-01, -6.6, -6.2,-8.0, -8.2, -5.1, -5.9, -5.8, -7.8
2020-09-01, -6.3, -5.6,-8.0, -7.4, -4.6, -5.4, -5.1, -6.8
2020-10-01, -5.9, -5.3,-8.0, -6.8, -4.3, -4.9, -4.9, -6.2
2020-11-01, -5.9, -5.0,-8.3, -6.2, -4.2, -4.3, -4.7, -5.6
2020-12-01, -6.2, -4.9,-8.4, -6.2, -3.8, -3.8, -4.9, -6.1
2021-01-01, -6.2, -4.9,-9.0, -6.0, -4.0, -4.3, -4.7, -6.1
2021-02-01, -6.1, -4.8,-9.0, -5.9, -3.8, -3.8, -5.0, -5.4
2021-03-01, -4.5, -4.0,-8.3, -4.4, -2.8, -3.0, -4.5, -4.6