Hanover’s Perspective
Virginia’s Unemployment Rate is Lowest Since June 2008
Virginia’s seasonally adjusted unemployment rate declined by 0.1 percent in March and is now at 4.0 percent—the lowest rate since the June 2008 rate of 3.9 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which increased in March to 5.0 percent.
Hanover County’s unemployment rate is 3.5 percent in February which equates to approximately 2,000 people. The Virginia Employment Commission has not yet released Hanover County statistics for March. Unemployment in the County is down from 4.2 percent last year.
“Virginia’s job growth continues to accelerate at an impressive pace,” said Secretary of Commerce and Trade Maurice Jones. “The private sector, in particular, is adding jobs in almost every industry. Now is the time for us to continue to make strategic investments in talent, infrastructure and education that will ensure that this season of robust growth endures.”
Virginia had the lowest seasonally adjusted unemployment rate among the Southeast states and had the fourth best rate among the states east of the Mississippi.
From March 2015 to March 2016, Virginia’s seasonally adjusted total nonfarm employment increased by 108,000 jobs. Over-the-year employment growth has been positive for the past 24 months, with the private sector recording an employment gain of 104,600 jobs, and the public sector gaining 3,400 jobs. Compared to a year ago, on a seasonally adjusted basis, eight of the eleven major industry divisions experienced employment gains.
For a greater statistical breakdown visit the Virginia Employment Commission.