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Governor Northam announces Virginia’s unemployment rate drops to 3.5 percent

Posted at 6:56 PM, Mar 23, 2018

RICHMOND, Va. – Virginia’s seasonally adjusted unemployment rate sits at 3.5 percent, according to the office of Virginia Gov. Ralph Northam.

Northam announced today that seasonally adjusted unemployment in the state was 0.5 percent down from this time a year ago, and Virginia’s nonfarm payroll employment is 36,300 jobs higher than in 2017.

“This is a tremendous new milestone for the Commonwealth’s economy and affirms our efforts to fill the jobs of the 21st century with a first-class workforce,” said Governor Northam. “My administration is committed to continuing along this positive trajectory with  investments in workforce development and providing support to businesses large and small that call Virginia home.”

Behind Tennessee, which is at 3.4 percent, Virginia ranks second lowest among southeastern states in seasonally adjusted unemployment rate.

“Today’s announcement reaffirms that our Commonwealth’s economy is trending in the right direction, thanks in large part to our world-class workforce,” said Secretary of Commerce and Trade Esther Lee. “We will continue to provide opportunities for Virginians by focusing on 21stcentury job training and by attracting additional jobs and investment to Virginia.”

According to information provided by Northam’s office, Virginia has seen a positive employment growth for 47 consecutive months, with an over-the-year growth in the Commonwealth at 0.9 percent.

In February, the private sector recorded an over-the-year gain of 36,500 jobs, while the public sector recorded an over-the-year loss of 200 jobs. Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains, while the other three experienced employment losses.

For a greater statistical breakdown, visit the Virginia Employment Commission’s website here.