Back to Work: Virginia achieves highest labor force participation in nearly a decade

Virginia’s labor force participation rate climbed to 66.5% in May 2023, marking its highest point since July 2013. The announcement by Governor Glenn Youngkin comes with a significant increase in employment and a further decline in the state’s unemployment rate to 2.9%.

According to the BLS Local Area Unemployment Statistics (LAUS), the Virginian labor force grew by 23,536 to a total of 4,574,349. Moreover, the state saw an increase of over 29,000 employed residents in May compared to the preceding month.

“The labor force participation rate in the Commonwealth continues to grow as more Virginians get off the sidelines and find jobs,” stated Governor Youngkin. “While we are encouraged by May’s strong employment numbers, we maintain our focus on creating a more competitive environment for business growth in the Commonwealth.”

In May, the number of employed Virginians rose by 29,462 to a total of 4,440,015. Unemployment figures, meanwhile, fell by 5,926 to 134,334. The 2.9% seasonally adjusted unemployment rate represents a slight dip from April and is below the national average of 3.7%.

“In May, the labor force, labor force participation rate, and the number of employed Virginians all increased while the number of unemployed Virginians and the unemployment rate both decreased,” stated Secretary of Commerce Caren Merrick, commending the state’s economic development efforts.

The surge in Virginia’s labor force participation rate, coupled with the decrease in unemployment, bodes well for the state’s economic outlook. This success story serves as a testament to the Commonwealth’s strategic focus on creating a business-friendly environment, fostering job creation, and, ultimately, driving economic growth.

For more details, visit the Virginia Employment Commission’s website at vec.virginia.gov.