RICHMOND, Va. — The Bureau of Labor Statistics (BLS) released a new report that showed promise for the commonwealth's job market heading into 2025.
The BLS reported an increase of 76,900 jobs in 2024, bringing the total nonfarm jobs in Virginia to 4,268,200. There is also a current labor force participation rate of 66%, which is 3.5 percentage points higher than the national average of 62.5%.
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Regarding the future of Virginia's job market, it was reported that 19,000 new openings were added since Oct. 2024. Meaning the total number of job openings in Virginia has reached 295,000, a record high since March 2023.
Governor Glenn Youngkin said there is still momentum in this sector, as he anticipates more than 65,000 jobs to be added based on company announcements.
Recent statewide statistics show for every ten job openings, there are five new hires. The ratio of job opportunities to prospective employees is also positive, with two jobs available for every unemployed person in the commonwealth. Virginia officials said these statistics present a healthy demand for labor.
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“Virginia’s labor market continues to demonstrate resilience and growth, with a strong increase in nonfarm payrolls, a growing labor force, and low unemployment,” said Youngkin.
Here, Youngkin mentioned the figures released by the BLS Local Area Unemployment Statistics. In 2024, Virginia's unemployment has remained steady and low. The commonwealth's current unemployment rate sits at 3%, which is 1.1 percentage points lower than the national rate of 4.1%.
“Our strategic efforts to attract new investments and strengthen key industries are paying off, resulting in high-quality job creation and sustained economic growth across the Commonwealth,” said Secretary of Commerce and Trade Caren Merrick.
