Posted by Brandon Jarvis
~ Employment growth continues compared to a year ago; Second consecutive monthly increase of employment ~
RICHMOND – Governor Terry McAuliffe today announced that 209,800 new jobs have been created in the Commonwealth since January 2014. Virginia’s labor force also expanded for the 16th consecutive month to 4,320, 271, setting a new record high. In addition, household employment expanded for the 31st consecutive month to 4,158,027, also a record high.
“Thanks to record private sector investment and less reliance on federal spending, Virginia is seeing records for both employment and labor force expansion,” said Governor McAuliffe. “Today’s announcement is a testament to the work we’re doing to create economic prosperity across the Commonwealth. More Virginians are employed in high-demand and good-paying jobs than ever. I am committed to continuing these efforts to build a new Virginia economy during the next five months of my term, furthering this momentum for the benefit of all our citizens.”
The labor force increased by 6,087 in July, as household employment rose by 5,159. Virginia’s nonfarm payroll employment is 60,300 jobs higher when compared to July of 2016.
Over-the-year employment growth in Virginia has been positive for 40 consecutive months. In July, Virginia’s over-the-year growth of 1.5 percent equaled the national growth rate and was the strongest since the June 2016 growth rate of 1.6 percent.
Virginia’s seasonally adjusted unemployment rate was up 0.1 percentage point in July to 3.8 percent, after declining 0.1 percentage point in June. Compared to a year ago, the seasonally adjusted unemployment rate was down 0.3 percentage points. Virginia’s seasonally adjusted unemployment rate continues below the national rate, which was down 0.1 percentage point in July to 4.3 percent.
Additionally, there were 264,000 jobs posted online in the Commonwealth in the month of July, a positive sign for job seekers in the new Virginia economy, according to the Virginia Employment Commission.
“Today’s announcement is a clear indicator of the success of our workforce development efforts,” said Secretary of Commerce and Trade Todd Haymore. “Thanks to the bipartisan work of Governor McAuliffe and the General Assembly, we’ve created a better pipeline connecting Virginia’s job seekers to our employers. Whether we’re attracting new businesses to Virginia or helping our existing employers grow and compete, these significant achievements in workforce development have directly contributed to the record employment we see today.”
In July, the private sector recorded an over-the-year gain of 58,900 jobs, while the public sector recorded an over-the-year gain of 1,400 jobs. Compared to a year ago, on a seasonally adjusted basis, nine of the eleven major industry divisions experienced employment gains.
For a greater statistical breakdown visit the Virginia Employment Commission’s website atwww.vec.virginia.gov.