Job Recovery in Virginia: What REALTORS® Need to Know
In April of 2020, nationwide unemployment reached its highest rate in decades at 14.7%, a loss of 20.5 million jobs according to the U.S. Bureau of Labor Statistics. Every state saw their labor force impacted by shutdowns and layoffs including Virginia, which saw its unemployment climb to 11.6% in April of that year. Two years later, the U.S. economy has bounced back, and we are seeing many industries that were hit hard by the coronavirus recovering at a rapid rate. Let’s look at the industries and areas in Virginia where job recovery is the strongest and where there is still recouping to be done.
Virginia has fully recovered the net number of jobs lost during the pandemic. Before the pandemic there were 4.09 million jobs across the state in January of 2020, this number drastically changed as the coronavirus slowed down the economy. By April of 2020, there were 478,000 jobs lost in the commonwealth. Now, the number of jobs in Virginia has surpassed pre-pandemic levels with jobs reaching 4.10 million in the month of October this year. This means that 488,400 jobs have been added since the significant drop off in April two years ago.
Original source can be found here
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