Virginia’s Labor Renaissance: Record Participation and Robust Employment Growth

A Beacon of Prosperity in the Commonwealth.

Governor Glenn Youngkin proudly announced that Virginia has witnessed remarkable gains in employment, leading to the highest labor force participation rate the state has seen in over a decade. Virginia’s commitment to supporting its workforce and strategic decisions have fortified its position as a robust economic powerhouse.

Virginia’s employment has swelled, with an additional 18,000 individuals finding jobs in July, culminating in a staggering 219,452 residents employed since January 2022. The labor force participation rate, a key indicator that measures the percentage of the civilian population either employed or actively seeking employment, climbed to an impressive 66.7%. This surge isn’t just any typical rise – it’s the highest the state has recorded since November 2012. Furthermore, according to the household survey from the Bureau of Labor and Statistics, Virginia’s labor force burgeoned by 8,981, marking the largest workforce since data collection commenced in 1976.

Governor Youngkin was buoyant, stating, “With the largest labor force ever to support growing businesses, Virginia is undeniably on the move. Our strategy emphasizes reducing business costs and ensuring affordable living standards for working Virginians. Together, we will propel the Commonwealth to even greater heights.” He attributed this success to a commonsense agenda promoting ease of doing business and improving quality of life.

Amidst this labor growth, the state’s unemployment rate also took a positive turn. July’s unemployment dropped by 0.2 percentage points to 2.5%, which stands notably below the national average of 3.5%. This rate reflects a promising trend toward pre-pandemic stability.

Secretary of Commerce, Caren Merrick, highlighted the significance of this downward trend, emphasizing how Virginia’s unemployment rates are nearing pre-COVID-19 benchmarks. Echoing her sentiments, Secretary of Labor Bryan Slater commented on the Commonwealth’s prosperous labor market and expressed optimism about the current trajectory of workforce growth.

Industry-wise, the Education and Health Services sector led the charge with an addition of 1,500 jobs. The Construction and Government sectors weren’t far behind, each adding a commendable number of jobs. However, not all sectors experienced gains, with Professional and Business Services recording a loss of 2,100 positions.

Yearly metrics further corroborate the state’s growth story. From July 2022 to July 2023, Virginia witnessed an increase of 64,400 in total nonfarm employment. Government employment also saw an uptick, with local government roles contributing the lion’s share.

The Virginia Employment Commission’s official website offers comprehensive insights for those keen on delving deeper into the statistics.

Virginia’s labor market is thriving. With the right strategies, a pro-business environment, and an unwavering commitment to its workforce, the Commonwealth is poised for even greater successes in the foreseeable future.

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