RICHMOND (WSLS 10) - The Commonwealth is seeing the lowest unemployment rate since June 2008.
Friday, Governor McAuliffe announced Virginia's unemployment rate dropped below 4%.
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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.
Read the full release below.
RICHMOND - Governor Terry McAuliffe announced today that Virginia's seasonally adjusted unemployment rate declined by 0.1 percentage point in April and is now at 3.9 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 was unchanged in April at 5.0 percent.
In April, Virginia's over-the-year employment growth of 2.2 percent surpassed the national growth rate, which was 1.9 percent. For the seventh consecutive month, over-the-year growth in the Commonwealth has exceeded 2.0 percent and surpassed the national growth rate, which has been in the 1.9 to 2.0 percent range.
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.
"Crossing below 4% unemployment marks a real milestone in our ongoing progress building a new Virginia economy and creating more opportunities for families across the Commonwealth," said Governor McAuliffe. "I am proud that we have the lowest unemployment rate in the Southeast and that we continue to outpace the nation when it comes to putting people back to work – but this is no time to let up. We are working every day to bring new jobs and investment to the Commonwealth and to lay a foundation for continued growth now and well into the future."
"Virginia's economy continues its impressive growth," said Secretary of Commerce and Trade Maurice Jones. "This is due, first and foremost, to the unmatched talent that we have throughout the Commonwealth and additional assets in areas like our infrastructure and pro-business climate. We must continue to make the strategic investments necessary to continue this season of growth and ensure that all parts of the state benefit from it."
From April 2015 to April 2016, Virginia's seasonally adjusted total nonfarm employment increased by 83,400 jobs. Over-the-year employment growth has been positive for the past 25 months. The private sector recorded an employment gain of 83,800 jobs, while the public sector recorded an employment loss of 400 jobs. Compared to a year ago, on a seasonally adjusted basis, seven of the eleven major industry divisions experienced employment gains.
For a greater statistical breakdown visit the Virginia Employment Commission's website at www.vec.virginia.gov.