Virginia unemployment rate lowest since 2008

Virginia’s seasonally adjusted unemployment rate declined by 0.1 percent in March and is now at 4.0 percent—the lowest rate since the June 2008 rate of 3.9 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which increased in March to 5.0 percent.

Virginia’s seasonally adjusted nonfarm employment increased by 4,900 jobs in March to a total of 3,921,200, setting a new record for employment in the Commonwealth.

In March, Virginia’s over-the-year employment growth of 2.8 percent surpassed the national growth rate, which was 2.0 percent. Over-the-year growth in the Commonwealth has exceeded the national growth rate for six consecutive months and has been 2.0 percent or higher eight of the last nine months.

Virginia had the lowest seasonally adjusted unemployment rate among the Southeast states and had the fourth best rate among the states east of the Mississippi.

“I am proud of the continued growth of Virginia’s economy and the real impact it has on Virginia families and communities,” said Governor McAuliffe. “We are working every day to grow and diversify an economy that offers opportunity to people from every walk of life, in every corner of the Commonwealth. These new numbers are a clear indication that those efforts are paying off, but we must continue to expand on our historic success and build a new Virginia economy.”

“Virginia’s job growth continues to accelerate at an impressive pace,” said Secretary of Commerce and Trade Maurice Jones.  “The private sector, in particular, is adding jobs in almost every industry.  Now is the time for us to continue to make strategic investments in talent, infrastructure and education that will ensure that this season of robust growth endures.”

From March 2015 to March 2016, Virginia’s seasonally adjusted total nonfarm employment increased by 108,000 jobs. Over-the-year employment growth has been positive for the past 24 months, with the private sector recording an employment gain of 104,600 jobs, and the public sector gaining 3,400 jobs. Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains.

For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.