Governor Terry McAuliffe announced last week that 215,100 net new jobs have been created in the Commonwealth since January 2014. In addition, according to the Federal Reserve Bank of St. Louis, total wages and salaries in Virginia have increased by 12.2 percent since January 2014, while average hourly earnings and total personal income have increased by 7.4 and 13.3 percent, respectively.
Virginia’s seasonally adjusted unemployment rate held steady in August at 3.8 percent, but was down 0.3 percentage points from a year ago. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was up 0.1 percentage point in August to 4.4 percent.
“Today’s announcement is a testament to the work we have done recruiting more private sector investment into the Commonwealth and building a stronger foundation for long-term economic growth,” said Governor McAuliffe. “At the beginning of this administration our unemployment rate stood at 5.4 percent and our economy was being battered by sequestration and shut-down politics in Washington. Since then we have worked hard to create economic opportunity for people in every corner of the Commonwealth, and the results of those efforts are clear. I’m proud of the work we have done creating jobs and increasing wages, but continued dysfunction in Washington means we must work harder than ever to build a new Virginia economy.”
Virginia has the third lowest seasonally adjusted unemployment rate among the Southeast states, behind Arkansas and Tennessee. Virginia has the third lowest rate among major U.S. states behind Tennessee and Indiana.
Virginia’s labor force continued to expand in August. Household employment and the number of unemployed also experienced slight increases in August. Household employment increased by 159, and the number of unemployed increased by 231.
“It’s clear to see that our efforts, in partnership with the private sector and the General Assembly, continue to make the new Virginia economy stronger,” said Secretary of Commerce and Trade Todd Haymore. “Thanks to our efforts in economic and workforce development, we’re attracting new businesses to the Commonwealth and helping existing employers grow. Today’s announcement is great news for Virginia, and I look forward to continuing this momentum in the coming months.”
Virginia’s nonfarm payroll employment is 58,700 jobs higher when compared to August of 2016. Over-the-year employment growth in Virginia has been positive for 41 consecutive months. In August, Virginia’s over-the-year growth of 1.5 percent exceeded the national growth rate of 1.4 percent.
In August, the private sector recorded an over-the-year gain of 60,000 jobs, while the public sector recorded an over-the-year loss of 1,300 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.
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AFP
