Gov. Tim Kaine today highlighted a second consecutive month of declining unemployment rates in Virginia. The Commonwealth’s August seasonally adjusted unemployment rate fell to 6.5 percent, following rates of 7.1 percent in June and 6.9 percent in July. The August rate makes Virginia fifth lowest among unemployment rates nationally and maintains the Commonwealth’s ranking as the lowest among large states.
“While the economy continues to face tough challenges in Virginia and nationally, I’m pleased to see progress towards recovery in these recent months,” said Governor Kaine. “I remain confident that Virginia’s business friendly environment and our ongoing hard work will ensure we emerge from this crisis stronger than ever.”
At 6.5 percent on a seasonally adjusted basis, Virginia’s unemployment rate makes it by far the lowest among the thirteen largest states. Only North Dakota (4.3 percent), South Dakota (4.9 percent), Nebraska (5.0 percent), and Utah (6.0 percent) have lower rates than Virginia. Nationally, seasonally adjusted unemployment increased from 9.4 percent in July to 9.7 percent in August.
While August is a transition month from summer to fall, Virginia’s unemployment rate improved in part due to record fall enrollments in the Commonwealth’s large and important higher education sector and the downstream impact of stimulus money spent on Virginia’s military bases creating jobs for private sector contractors.
Under the leadership of Gov. Kaine, Virginia has repeatedly been recognized as the most business-friendly state in the nation. Just this summer, Virginia was ranked “No. 1 Pro-Business State” by both CNBC and Pollina Corporate Real Estate Inc., the second “Best State for Business” by Directorship magazine, and among the five “Best States to Start a Business” by U.S. News and World Report. During Governor Kaine’s administration, Virginia has also been recognized as the most business-friendly state in America (Forbes.com 2006-2008).
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