Overall unemployment rate moved down to 3.2% with the biggest shift in Government, which gained 3,200 roles, based on the most recently available information published in April 2023.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market rose by 11,433 jobs in February and the unemployment rate decreased compared to the prior month by 30 bps to 3.2%. The national unemployment rate increased by 3 bps over the same time to 3.9%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 69 bps below the national rate which is a positive sign.
- Unemployment in the market is 20 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in February versus prior month by 6.7% and are down 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 0.6% . Key sectors include:
- Government: 156,900; +3,200
- Transportation & Utilities: 127,600; -1,000
- Education & Healthcare: 118,000; +900
- Business Services: 116,100; +500
- Restaurants & Hotels: 87,500; +1,200
- Manufacturing: 58,200; no change
- Construction, Mining: 41,200; -300
- Financial Services: 40,100; +200
- Other Jobs: 33,400; no change
- IT & Development: 9,100; no change
Employment Change by Key Sector
Data is based on the most recent 12 months available, through February 2023 (Data published April 2023 and reports created on April 10, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.