The unemployment rate in the Commonwealth of Virginia remained unchanged at 3.0 percent in February 2024, according to Virginia Works. The rate reflects the same rate from February 2023.
Household survey data for February reveals that the labor force increased by 3,159 to 4,591,543 as the number of unemployed residents decreased by 74 to 139,703. The number of employed residents increased by 3,233 to 4,451,840. Virginia’s seasonally adjusted unemployment rate is 0.9 percentage points below the national rate, which increased by 0.2 percentage points to 3.9 percent.
The Commonwealth’s labor force participation rate remained unchanged at 66.6 percent in February. The labor force participation rate measures the proportion of the civilian population age 16 and older that is employed or actively looking for work.
In February, Virginia’s nonagricultural employment, from the monthly establishment survey, increased by 10,600 to 4,209,900. January’s preliminary estimate of employment, after revision, decreased by 700 to 4,199,300. In February, private sector employment increased by 8,500 to 3,466,800 while government employment increased by 2,100 to 743,100. Within that sector, federal government jobs increased by 1,300 to 191,800, state government employment increased by 600 to 159,100, and local government increased by 200 to 392,200 over the month.
Seasonally adjusted total nonfarm employment data is produced for 11 industry sectors. In February, eight experienced job gains from January 2024 while three experienced a decline. The largest job gain was in Professional and Business Services with 3,800 jobs. The second largest job gain was in Education and Health Services with 2,400 jobs. The third largest job gain was 2,300 in Trade, Transportation, and Utilities. Other gains were in Government; Construction; Leisure and Hospitality; Information; and Mining and Logging.
The largest job loss was in Financial Activities, followed by Manufacturing and Miscellaneous Services.
From February 2023 to February 2024, Virginia Works estimates that total nonfarm employment in Virginia increased by 58,300 to 4,209,900, private sector employment increased by 44,700 to 3,466,800, and government employment increased by 13,600 to 743,100 jobs. Within that sector, federal government jobs increased by 4,000 to 191,800, state government employment increased by 5,100 to 159,100, and local government increased by 4,500 to 392,200 over the year.
For the 11 industry sectors in Virginia over the year, eight experienced job gains from 2023, one remained unchanged and two experienced a decline. The largest job gain was 24,500 in Education and Health Services. The second largest job gain was 13,600 in Government. The third largest job gain was 9,200 in Leisure and Hospitality. Other gains were in Construction; Miscellaneous Services; Manufacturing; Financial Activities; and Trade, Transportation, and Utilities.
The largest job loss was 1,400 in Information, followed by 100 lost in Professional and Business Services and Mining and Logging remained unchanged.
Seasonally adjusted total nonfarm employment data is produced for 10 metropolitan areas. In February 2024, seven experienced over-the-month job gains, one remained unchanged and two experienced a decline. The largest job gain occurred in Northern Virginia, followed by Richmond and Virginia Beach-Norfolk-Newport News. Other gains were in Roanoke, Lynchburg, Charlottesville and Harrisonburg.
The largest job losses were 100 in Staunton and 100 in Winchester. Blacksburg-Christiansburg-
Over the year, all metros experienced job gains from 2023, and none experienced a decline. The largest job gain was in Virginia Beach-Norfolk-Newport News, as well as Northern Virginia and Richmond. Other job gains were in Roanoke, Charlottesville, Blacksburg-Christiansburg-
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Rebecca Barnabi
