Overall unemployment rate moved up to 3.1% with the biggest shift in Restaurants & Hotels, which lost 3,300 roles, based on the most recently available information published in December 2022.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market declined by 1,293 jobs in October and the unemployment rate increased compared to the prior month by 10 bps to 3.1%. The national unemployment rate increased by 8 bps over the same time to 3.4%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 30 bps below the national rate which is a positive sign.
- Unemployment in the market is 60 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in October versus prior month by 13.2% 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 0.2% . Key sectors include:
- Government: 154,800; +1,000
- Transportation & Utilities: 131,800; +600
- Education & Healthcare: 118,100; +1,700
- Business Services: 116,100; +2,500
- Restaurants & Hotels: 94,400; -3,300
- Manufacturing: 57,200; no change
- Construction, Mining: 40,600; -600
- Financial Services: 38,400; -600
- Other Jobs: 33,700; +300
Employment Change by Key Sector
Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.