Overall unemployment rate moved down to 2.7% with the biggest shift in Restaurants & Hotels, which gained 4,700 roles, based on the most recently available information published in June 2023.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market rose by 4,623 jobs in April and the unemployment rate decreased compared to the prior month by 40 bps to 2.7%. The national unemployment rate decreased by 53 bps over the same time to 3.1%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 40 bps below the national rate which is a positive sign.
- Unemployment in the market is equal to the unemployment rate in the market last year at this time.
- Average wages (per hour) grew in April versus prior month by 8.3% and are up compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
For key employment segments of the market, total jobs grew by 0.7% . Key sectors include:
- Government: 157,700; +500
- Transportation & Utilities: 127,400; +300
- Education & Healthcare: 118,200; +400
- Business Services: 115,400; -900
- Restaurants & Hotels: 95,600; +4,700
- Manufacturing: 58,300; no change
- Construction, Mining: 40,800; -100
- Financial Services: 40,700; +500
- Other Jobs: 33,600; +400
- IT & Development: 9,200; +100
Employment Change by Key Sector
Data is based on the most recent 12 months available, through April 2023 (Data published June 2023 and reports created on June 8,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.