V
irginia's labor market is thriving, with a strong workforce of 4.25 million jobs as of September 2024, according to the Bureau of Labor Statistics. The state's unemployment rate stands at 2.9%, significantly lower than the national average of 3.9%. This robust economy has led to notable growth in various sectors, influencing housing demand across the state.
The top five job sectors with significant growth in 2024 are construction, healthcare, administrative & waste services, leisure & hospitality, and state government jobs. These sectors have added a substantial number of new jobs since January, with construction leading the way at 9,000 new positions (seasonally adjusted). The demand for skilled construction workers is driving growth in this sector, particularly in areas near infrastructure projects.
Healthcare services are also on the rise, fueled by an aging population and advancements in medical technology. With 8,800 new jobs added since January, there's a pressing need for healthcare professionals, potentially driving demand for entry-level homes near health centers or hospitals.
Administrative & waste services have seen steady growth, with 8,500 additional jobs recorded since the beginning of the year (seasonally adjusted). This sector is essential to many industries and requires moderate housing income, often sought in suburban and urban areas. The leisure & hospitality sector has grown in tourist areas, adding 7,300 jobs since January, with a focus on affordable housing near these hotspots.
State government jobs have experienced significant growth, exceeding other sectors like professional and technical services, retail trade, and other services. With stable salaries, many state employees are able to pursue homeownership, often residing in nearby counties known for good schools, especially those close to Washington, D.C.
Understanding Virginia's labor trends is crucial for real estate professionals to better align with buyers' and renters' needs in the housing market. By staying informed, they can capitalize on shifting demand and provide valuable insights to their clients.
