Overall unemployment rate moved up to 6.5% with the biggest shift in Transportation & Utilities, which lost 4,200 roles, based on the most recently available information published in March 2021.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market declined by 17,318 jobs in January and the unemployment rate increased compared to the prior month by 120 bps to 6.5%. The national unemployment rate increased by 31 bps over the same time to 6.8%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 31 bps below the national rate which is a positive sign.
- Unemployment in the market is 320 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in January versus prior month by 1.7% and are equal compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.5%. Key sectors include:
- Government: 153,000; -3,600
- Transportation & Utilities: 127,300; -4,200
- Business Services: 112,500; -800
- Education & Healthcare: 108,700; +100
- Restaurants & Hotels: 74,600; -2,400
- Manufacturing: 56,700; +100
- Construction, Mining: 40,000; -100
- Financial Services: 38,700; -100
- Other Jobs: 31,500; -200
- IT & Development: 9,100; -100
Data is based on the most recent 12 months available, through January 2021 (Data published March 2021 and reports created on March 25, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.