Overall unemployment rate moved down to 3.0% with the biggest shift in Restaurants & Hotels, which lost 4,600 roles, based on the most recently available information published in November 2022.
Total employment in the Virginia Beach-Norfolk-Newport News, VA-NC market declined by 1,643 jobs in September and the unemployment rate decreased compared to the prior month by 60 bps to 3.0%. The national unemployment rate decreased by 47 bps over the same time to 3.3%.
- Virginia Beach-Norfolk-Newport News, VA-NC unemployment rate is 32 bps below the national rate which is a positive sign.
- Unemployment in the market is 100 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September versus prior month by 12.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.4%. Key sectors include:
- Government: 153,800; +3,500
- Transportation & Utilities: 131,300; +700
- Education & Healthcare: 115,700; -200
- Business Services: 112,500; -2,300
- Restaurants & Hotels: 97,600; -4,600
- Manufacturing: 57,000; +800
- Construction, Mining: 40,900; -300
- Financial Services: 38,900; -200
- Other Jobs: 33,300; -200
- IT & Development: 9,000; no change
Data is based on the most recent 12 months available, through September 2022 (Data published November 2022 and reports created on November 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.