Overall unemployment rate moved down to 3.3% with the biggest shift in Restaurants & Hotels, which gained 3,000 roles, based on the most recently available information published in August 2022.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market rose by 6,510 jobs in July and the unemployment rate decreased compared to the prior month by 10 bps to 3.3%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 48 bps below the national rate which is a positive sign.
- Unemployment in the market is 140 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 13.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.4% . Key sectors include:
- Government: 149,800; -2,300
- Transportation & Utilities: 130,400; +1,100
- Business Services: 114,100; -700
- Education & Healthcare: 114,000; +900
- Restaurants & Hotels: 104,300; +3,000
- Manufacturing: 56,000; +400
- Construction, Mining: 40,700; +700
- Financial Services: 39,200; +400
- Other Jobs: 33,300; no change
- IT & Development: 9,000; no change
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.